Back into recession again…
From the BBC
“UK economy ‘to face bigger downturn’
Standard Chartered expects a recession in the UK in 2012
The UK economy is to contract by more than previously thought, according to a leading forecaster.
Economists at Standard Chartered bank said the economy will contract by 1.3% in 2012, having previously predicted growth of 0.6% for next year.
The eurozone economy will perform even worse, the bank forecast, contracting by 1.5%.
Meanwhile, the OECD economic think tank has predicted a slowdown for every major global economy in 2012.
The Organisation for Economic Co-operation and Development’s December analysis of leading economic indicators suggested growth levels in the UK and the eurozone would fall below their long-term average.”