Wednesday 25th April’s shock revelation showed that Britain is experiencing its first double- dip recession since 1975.
A recession is defined as two consecutive quarters of contraction (negative growth). The economy shrank by 0.3% in the fourth quarter of 2011.
The industrial and construction output are responsible for the most recent decline as the sector barely grew.
There is now a worry that this data will dent already lacking confidence and push the recovery back, with a likelihood that the economy could weaken further.
The shock revelation piles further pressure on the government to increase their efforts to boost the economy and overcome challenges to ease Britain’s debt.
However, these figures are only preliminary and are only based on about 40% of available information, which will be reviewed to reach further statistics in the near future.
If your business is suffering due to the state of the economy and lack of consumer confidence then call Beer & Young today for some free advice on ways to save your company!
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