UK economy remains in recession - by Jane Wardel
The British economy shrank 0.4 percent in the third quarter of the year, according to official statistics released Friday, dashing hopes that the country had emerged from recession. The fall in gross domestic product for the sixth consecutive quarter takes the total loss of output since the recession began last year to 5.9 percent, leaving Britain in the grip of the longest period of continuous decline since the Statistics Office began taking records in 1955.
Note EU-Digest: Britain which is not part of the EURO Zone follows the same economic policies as the US in trying to fight the problems of the economic meltdown last year. This includes massive support to banks and corporations and hoping for a positive trickle down effect. So far this has not materialized, neither in Britain nor in the US, even though the UK Government has been publishing more accurate figures on the results of their stimulus programs than the US.
No comments:
Post a Comment