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Message Subject THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Poster Handle RoXY
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UK in double-dip recession
by Robert Stevens
July 29, 2012

Britain is mired in its second official recession since the global financial meltdown of the autumn of 2008.

In May, the British economy entered a “double-dip” recession for the first since the 1970s.

Figures released by the UK Office for National Statistics (ONS) show the economy shrank by a larger-than-expected 0.7 percent in the second quarter of the year. This was the third successive quarter of negative economic growth and was far higher than the forecast drop of 0.2 percent. It follows a decline of 0.3 percent recorded in the first three months of 2012.

The ONS figures are a first estimate and will be revised but still confirm that the UK is in the longest double-dip recession since quarterly records began in 1955. It is also the longest period of recession since the Second World War.

The Conservative-Liberal Democrat coalition immediately sought to play down the figures, which are a devastating indictment of its economic policies. Such has been the systematic wrecking of the UK economy that economic output is now 4.5 percent smaller than when the coalition government took office just two years ago.

Speaking in London at the Global Investment Conference, organised to coincide with Olympics Games, Prime Minister David Cameron said he was “disappointed” with the figures, but added, “We’ve taken bold decisions to sort out our public finances and earn credibility with the markets”.

Referring to the government’s seven-year, £123 billion austerity programme, he said, “We will continue to take the tough decisions that are necessary for business leaders and investors to have confidence in the long-term future of the British economy”.

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