UK Back In Recession
Published / Last Updated on 24/04/2012
UK Back In Recession.
According to figures from the Office for National Statistics, the UK is back in recession after the economy shrank by 0.2% in the first quarter of this year. The fall is the second successive quarterly fall, after GDP shrank by 0.3% in the last quarter of 2011.
According to Schroders European economist Azad Zangana, the double dip in recession comes as no surprise. They have been forecasting another recession since last November when the Eurozone crisis intensified.
The economy slipping back into recession will come as a blow for the Chancellor. The Office for Budgetary Responsibility will now have to revise down its forecast, which will worsen the fiscal numbers further.