The Office of National Statistics' figures on the British economy were not hugely surprising. Economists had been expecting a contraction of some kind.
The Financial Times surveyed a group recently and they thought the economy would shrink by 0.1 percent.
The prospects for another contraction this quarter are high. The FT report notes construction and manufacturing activity are down. With sizeable lay-offs coming in the public and private sector, as I blogged recently, the prospect of a double-dip recession is increasing in probability.