The UK economy is likely to fall into recession this year, according to the Organisation for Economic Cooperation and Development (OECD). The Paris-based think tank predicts that the UK economy will shrink at an annual rate of 0.3% in the third quarter, and by 0.4% in the fourth. According to the latest official figures, the UK economy did not grow at all in the second quarter of 2008. The working definition of a recession is two quarters of negative growth. The gloomy outlook for the UK economy has pushed the pound sterling to its lowest level for two years against the euro.
The UK economy is likely to fall into recession this year, according to the Organisation for Economic Cooperation and Development (OECD).
The Paris-based think tank predicts that the UK economy will shrink at an annual rate of 0.3% in the third quarter, and by 0.4% in the fourth.
According to the latest official figures, the UK economy did not grow at all in the second quarter of 2008.
The working definition of a recession is two quarters of negative growth.
The gloomy outlook for the UK economy has pushed the pound sterling to its lowest level for two years against the euro.
Even the BBC falls for that. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
