British Economy Shrinks Third Straight Quarter

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The British government said Wednesday its economy contracted seven-tenths of a percent in the April-to-June period, its worst quarter since the height of the global downturn in early 2009 and well above predictions of a slight decline. It was the third straight quarter that the British economy has declined.

Finance minister George Osborne said the quarterly report showed Britain has "deep-rooted economic problems," even taking into account the country's unusually rainy weather in the last few months and an extra public holiday to celebrate Queen Elizabeth's 60th year as head of state.

Britain's central bank recently pumped an additional $78 billion into the country's economy in an effort to change its fortunes. The London Olympics starting this week could also provide a temporary boost in consumer spending. 

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