Longest slump in peacetime as Britain slides into recession…( Depression…There, I Fixed It!)
Britain is suffering the longest peacetime slump in a century, economists said on Wednesday as figures confirmed a double-dip recession.
By James Kirkup
25 Apr 2012
he Office for National Statistics (ONS) surprised the City by announcing that the economy shrank by 0.2 per cent in the first quarter of 2012, the second consecutive fall.
The unexpected news meant that Britain has suffered a longer and deeper decline than almost every other advanced economy.
According to Michael Saunders, a Citigroup economist, Britain is now suffering “the worst recession recovery cycle of the last 100 years” with the exception of the period of the Second World War.
The ONS said the contraction meant that the economy was 4.3 per cent smaller than it was before the financial crisis, which began in 2007.
Every other economy in the Group of Seven advanced countries except Italy is now closer to its pre-crisis level than Britain. G7 economies including the US, Germany and Canada are now bigger.