UK Confirms Double Dip Recession
Posted: May 24th, 2012 | Author: dubaidude | Filed under: UK | Tags: Bank of England, Double Dip Recession, economy, GDP, Recession, UK | No Comments »
The data from the Office for National Statistics (ONS) confirms that the UK entered a double dip recession, having also contracted by 0.3% in the last three months of 2011.
The UK economy contracted by even more than first estimated in the first three months of 2012, with revised GDP figures showing a decline of 0.3%.
The first reading of GDP for the first quarter of the year had shown -0.2% growth, but had been much disputed by economists who pointed to more upbeat business survey data.
The economic weakness will add fuel to the debate about the extent of the government’s austerity plans, and whether the Bank of England needs to extend its quantitative easing programme amid falling inflation.
UK GDP down 0.3% - worse than Governemnt thought. Cue the doom-mongers & the end of the world. Or we could just crack on? #recession #in
@SteveCorbettHN
Steve Corbett
Whoops! Who dropped the economy? Recession worse than feared as ONS confirms a 0.3% contraction
@DavidWorsfold
David Worsfold
£ is plunging vs $ on that news of worse UK recession (c/o Osborne) than originally estimated
The new made-in-Downing-Street #recession is worse than thought. http://t.co/yL3Jy0xP Q1 in 2010 the #UK #economy was growing.
@Simon4Pinhoe
Simon Bowkett
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