UK in double dip recession
The British economy has been thrown back into recession following a 0.2% fall in GDP during the first quarter of 2012.
GDP contracted by 0.3% in the final quarter of 2011 - a recession is defined as two consecutive quarters of contraction.
Figures from the Office of National Statistics (ONS) show that the economy has shown no growth over the past year and has recovered less than half the output lost during the recession in 2008 and 2009.
The ONS reported that output is still 4.3% below its pre-recession peak, and said growth has been uneven over the past 18 months and is “well below where it would have been if
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