UK breaks records for longest recession ever
The UK has broken the recession record, by staying in recession for six consecutive quarters – the longest run since quarterly figures were first recorded in 1955.
UK GDP (gross domestic product) has contracted for six quarters on the trot, meaning the UK is still in a recession.
Although these figures are estimates, and could still go up or down at a later date, this result is yet another slam for the UK’s small business sector.
According to the BBC News, Shadow chancellor George Osborne described the figures as “deeply, deeply disappointing”, partly because France and Germany came out of recession six months ago.
But Chancellor Alistair Darling was less surprised, claiming he had never expected to see growth before the end of 2009.
He says: “Our job is to support the economy as we come through towards recovery,” adding, “(Growth) will come – I’m confident about that – and I’m confident that businesses and people generally will begin to see a difference, but it will take time.”