UK economy in double-dip recession
http://www.bbc.co.uk/news/business-17836624
Quote:
The UK economy has returned to recession, after shrinking by 0.2% in the first three months of 2012.
A recession is defined as two consecutive quarters of contraction. The economy shrank by 0.3% in the fourth quarter of 2011.
Labour leader Ed Miliband said the figures were "catastrophic" and asked Mr Cameron what his excuse was.
Prime Minister David Cameron said the figures were "very, very disappointing".
"I don't seek to excuse them, I don't seek to try to explain them away," he said at Prime Minister's Questions.
The ONS said output of the production industries decreased by 0.4%, construction decreased by 3%. Output of the services sector, which includes retail, increased by 0.1%, after falling a month earlier.
It added that a fall in government spending had contributed to the particularly large fall in the construction sector.
"The huge cuts to public spending - 25% in public sector housing and 24% in public non-housing and with a further 10% cuts to both anticipated for 2013 - have left a hole too big for other sectors to fill," said Judy Lowe, deputy chairman of industry body CITB-ConstructionSkills, said.
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I'll bet that the bankers are still making money hand-over-fist, even if the banks themselves are losing money - no recession for bankers .....
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