The economy

Nick Clegg has called on Britain's wealthiest to make an "extra contribution" to the "national effort" of economic recovery.

Britain slumped to its longest double-dip recession in more than 50 years today after shock figures revealed the economy shrank by a worse-than-expected 0.7% between April and June.

The retail prices index (RPI) rate of inflation fell to 2.8% in June down from 3.1% in May, new figures from the Office of National Statistics (ONS) reveal today.

The double-dip recession is deeper than originally feared, with revised figures today showing a sharper decline in the economy in the first three months of 2012.

The UK economy shrank by more than previously thought in the final quarter of 2011, official figures revealed today.