Business news - live: UK economy shrank 0.2 per cent in last quarter, ONS confirms

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Economic output dropped by 0.2 per cent between April and June, the Office for National Statistics said (PA)

Official figures confirmed today that the UK economy remains teetering on the brink of recession.

Economic output dropped by 0.2 per cent between April and June, the Office for National Statistics said, reiterating its earlier estimate.

Elsewhere, Saudi Arabia's crown prince has warned the price of oil could spike to "unimaginably high" levels unless action is taken against Iran, the kingdom's main enemy.

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• 'No-one really knows' cost of no-deal Brexit, says Chancellor

[30 September 2019 16:30 · ben.chapman]

Sajid Javid neglected to mention the enormous elephant in the room that is no-deal Brexit during his conference speech, the CBI has pointed out.

Dame Carolyn Fairbairn DBE, CBI Director-General, said:

“The Chancellor has put his money on a modern, connected, low carbon economy, which is exactly what business wanted to hear.

“But it feels like there was a page missing from his speech. It was silent on how the Government and the Treasury would respond to the serious rupture caused by failing to secure a deal with the EU - and the implications for the investments he announced today.”