UK Enters Double-Dip Recession
UK government data indicate that it has suffered back-to-back quarters of negative economic growth - which means a double-dip recession is now official in Britain.
Britain has sunk back into recession, its first double-dip downturn since the 1970s, piling pressure on the government to soften its austerity drive.
GDP unexpectedly shrank by 0.2% between January and March, following a 0.3% contraction in the fourth quarter of last year, according to the Office for National Statistics.
One wonders if their austerity program was a good economic decision. The U.S., which instead implemented a stimulus package, is expected to grow 2-3% this year. Time will tell.