Friday, May 25, 2012

Britain: Headwinds turning into a hurricane

George Osborne suffered a new blow yesterday after it emerged that the first double-dip recession in Britain since 1975 has been even deeper than previously thought.

Official figures showed that the economy shrank by 0.3 per cent in the first three months of the year.

That is worse than the 0.2 per cent decline initially reported. The slump between January and March plunged the UK back into recession – defined as two quarters of contraction in a row – following the 0.3 per cent fall in output at the end of 2011.

And it is feared that output will fall again in the current second quarter because of the extra bank holiday

Read more: Mail Online


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