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UK economy shrinks by 0.3% in the last three months of 2012

The UK economy shrank by 0.3% in the last three months of 2012, further fuelling fears that the economy could re-enter recession.

The Office for National Statistics (ONS) said the fall in output was largely due to a drop in mining and quarrying, after maintenance delays at the UK's largest North Sea oil field.

The economy had grown by 0.9% in the previous quarter, boosted by the London 2012 Olympic Games.

For the whole year, growth was flat.

Hugh Pym reports.

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