Sunday, January 13, 2013

Economy heading for triple-dip recession, NIESR warns

Pressure mounted on the chancellor to moderate his austerity programme after analysis by a leading thinktank showed the UK economy heading for a triple-dip recession and high profile employers Honda and Jessops cut hundreds of jobs

The National Institute for Economic and Social Research (NIESR) said in its monthly health check that the economy shrank by 0.3% in the three months to December. Against a backdrop of weak consumer spending and a drop in manufacturing output, the estimates from NIESR may add fuel to campaigns for George Osborne to adopt a more radical approach to generating growth.

http://www.guardian.co.uk/business/2013/jan/11/economy-triple-dip-recession-niesr