UK economy shrinks for first time since 2012 as Brexit bites

The British economy shrank in the second quarter of the year for the first time in six and a half years largely because Brexit uncertainties weighed heavily on business investment, official figures showed Friday.

The decline, the first since the fourth quarter of 2012, was unexpected. Most economists thought that the economy would be flat.

The Office for National Statistics said the contraction came "at a time of increased volatility around the U.K.'s original planned exit date from the European Union in late March."