This week it will be confirmed that Britain’s economy is in the deepest recession for at least a century. Yet only a few days ago, the Bank of England heralded a return to growth, forecasting a more rapid recovery than previously feared.
Official growth figures due to be published on Wednesday by the Office for National Statistics are expected to show a 21% plunge in gross domestic product (GDP) in the three months to June. After GDP slumped by 2.2% in the first quarter, this will confirm two consecutive quarters of falling output – the technical definition of a recession.
Continue reading...Originally posted in the guardian
