Article preview: It’s official. The UK economy has shrunk in size for the first time in seven years. According to the latest official figures from the Office for National Statistics (ONS), the British economy contracted during the second quarter. Economists were already predicting a weak second quarter, with an average forecast of 0%. Instead, the official figures point to a 0.2% decline in the gross domestic product (GDP), placing the UK economy on a recession footing.