UK recession likely as economy shrinks
Official figures released today show that the UK is on the verge of a recession. The figures show that the economy shrank in Q3 of this year (July to September) for the first time since 1992.
The Office of National Statistics, who issued the report, states that UK economic output fell by 0.5 percent; worse than most analysts had predicted (0.2 percent). Both the global market slowdown and the unpredictability of the stock markets have contributed to the problem.
There have been signs of a recession for some time now, as jobless figures showed that unemployment had risen at the highest level since 1991 and that retail sector sales continue to fall. The UK will officially be in recession if the economy shrinks in the last quarter of the year.