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Response to Tansy_Gold (Original post)

Wed Apr 25, 2012, 05:11 AM

23. U.K. Returns to Recession in First Quarter on Building Slump

The double dip just got official...

The U.K. economy shrank in the first quarter as construction output slumped, pushing Britain into its first double-dip recession since the 1970s.

Gross domestic product contracted 0.2 percent from the fourth quarter of 2011, when it shrank 0.3 percent, the Office for National Statistics said today in London. The median of 40 estimates in a Bloomberg News survey was for a gain of 0.1 percent. A technical recession is defined as two straight quarters of contraction.

The report will heap further pressure on Prime Minister David Cameron as he faces criticism of his budget cuts and questions about the relationship between senior government ministers and News Corp. It comes at a time when prospects are dimming in the euro region, Britain’s biggest export market.

“This isn’t supportive of the fiscal consolidation program, so the government is likely to be concerned about that,” said Philip Rush, an economist at Nomura International in London. “The data were bad, and that supports the view that the Bank of England will do a final 25 billion pounds of quantitative easing in May.”

http://www.bloomberg.com/news/2012-04-25/u-k-returns-to-recession-in-first-quarter-on-building-slump.html

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