UK contraction, current account rows, and euro crises - here's your need-to-know business news roundup.
The UK economy shrank more than previously thought during the first three months of the year.
New figures from the ONS suggest that the economy contracted by 0.3 per cent during the period, compared with initial estimates of 0.2 per cent. [BBC]
Banks should scrap ‘free’ current accounts according to a senior City regulator.
Bank of England executive director Andrew Bailey said free accounts encourage banks to charge incidental fees elsewhere. [ThisIsMoney]
Business activity in Europe fell during May, nearly touching its lowest point in three years.
The news comes as the eurozone falls further into crisis, with institutions now openly preparing for a Greek exit. [BBC]