News for 1st February 2012 :: UK in recession says Item Club economic forecasters
- UK industry declined in November
- Service sector growth 'buoyant'
- Small decline in UK manufacturing
- UK encourages offshore drilling
The UK may have already slipped back into recession, economic forecaster the Item Club has warned.
The think tank said gross domestic product shrank in the final quarter of last year and would contract again in the current three-month period.
It said that even if the eurozone could resolve its problems the UK economy would grow by just 0.2% this year.
It also predicted unemployment would rise by a further 300,000 to just below three million people. click link to read more
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Economic news
- Bad weather hits retail sales again
- Government borrowing revised down
- Japan sees 10th trade deficit in row
- Scotland 'can afford independence'
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