Britain may already be in recession as shares lag eurozone

Recession fears have also weighed on British shares this year: The Ftse-100 has been left behind, with the worst performance for the index relative to a eurozone stocks index since 1999

Shoppers on Oxford Street in London, ahead of Christmas Day: The British government insists the outlook for the economy is not as bad as the numbers suggest.

Britain's economy might already be in a recession, according to data that showed it shrank between July and September, shortly after chancellor of the exchequer Jeremy Hunt took the rare step of suggesting the Bank of England might cut interest rates to boost growth.

Gross domestic product contracted by 0.1% in the third quarter, the UK's Office for National Statistics, or ONS, said.