NIESR: UK GDP down in February

<p>The UK is heading for a triple-dip recession.</p>

Data released by the National Institute of Economic and Social Research (NIESR) has shown the UK economy continued to contract during February.

The body's figures indicate that the chances of the country slipping into a triple-dip recession in the coming weeks appear to be rising.

NIESR's research found that output declined by 0.1 per cent in the three months ending in February, which comes after a decline of 0.2 per cent in the three months ending in January.

"The estimates suggest that the economy continued to flatline in the first two months of this year and the negative output gap continues to widen," NIESR said in a statement.

It was announced earlier in the week that the UK's coalition government will hold a Spending Review at the end of June.

Shadow chancellor Ed Balls accused prime minister David Cameron and chancellor of the exchequer George Osborne of wanting to stick with "failing policies".

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