Figures announced today have confirmed that the UK economy has slid into a double-dip recession. The results come as a disappointing result of the already unsteady economy, which has been unsteady since the boom and bust of 2007. In the last three months of 2012, the economy shrank by 0.3%.
The UK economy has retracted in the first three months of 2012 by a further 0.2%, mainly as a result of the faltering construction quarter, which in actuality on makes up 7% of the UK economy. Whereas this does mean that the rate at which the economy is retracting is levelling off, the UK’s prospects of investment and growth have been largely marred by the news.
Whereas the double-dip recession is fodder the power-hungry in the House of Commons, the question of how long the recession will last and how it will affect the levels of unemployment (including graduate unemployment) and debt figures in the UK is still very much speculative.
Chancellor George Osborne is set to comment later today.