UK is entering in recession.
Gordon Brown, his government, opposition politicians and Whitehall Mandarins are all to blame for why the UK economy is not fit-for-purpose in the 21st century.
I never think, UK is entering into recession again. Only a single adverse data on GDP can't be an indicator of recession. There are several other parameters.
The UK economy will remain stuck in the doldrums this year with growth of 1% or less predicted in 2010, a leading forecaster has warned.
Britain has officially entered recession for the first time since 1991, after the economy shrank at the fastest pace for nearly 30 years in the fourth quarter.
The UK economy contracted by a worse-than-expected 1.5% between October and December from the previous three months, beating the declines seen during the 1990s recession, figures from the Office for National Statistics showed today. This followed a 0.6% slump in the third quarter. Two or more consecutive quarters of contraction are regarded as a recession.
The fall in gross domestic product (GDP) was the biggest since the second quarter of 1980, the year of the Bristol riots, the Iranian embassy siege and British Leyland's launch of the Metro.
Alistair Darling said: "In the last few weeks there has been a substantial downturn. It is undoubtedly sharper than many people believed, mainly because you've seen industrial production go down because the export markets have been badly affected."
Following six consecutive quarters of negative growth, the UK economy finally moved out of recession in the last quarter of 2009. The economy had moved into technical recession in the third quarter of 2008 as GDP fell for a second successive quarter..
At the height of the recession, GDP fell by 2.6% in a single quarter (Q1 2009) – the same percentage by which the economy expanded during the whole of 2007.
The recession was the ‘deepest’ recession (in terms of lost output) in the UK since quarterly data were first published in 1955. Actual growth in 2009 saw the sharpest fall in GDP (-5.0%) in a calendar year since official figures began in 1949 and the highest fall since 1931, excluding the recession following the Second World War. The slowdown affected all sectors of the economy, though manufacturing and construction were particularly affected.