Saturday, January 26, 2013

UK on the Verge of Triple-Dip Recession

UK GDP fell BY 0.3% in the last quarter of 2012 - worse than most forecasts predicted. It's the biggest contraction since 2008. Experts say Britain's third recession in four years is now looming. The latest figures have set even more alarm bells ringing over the government's economic policy. On Thursday, the IMF slammed it - saying the government must change course, and slow down planned spending cuts, that will hit the most vulnerable the hardest. But the government defiantly defends the policy. While some experts believe the country can still avoid the feared return of recession, most are not hopeful. Britain has a bumpy economy and a bumpy road ahead.

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