Austerians Win Another One
In their never-ending war against economic stability and prosperity, the Austerians can claim another victory. The BBC reports that UK economy in double-dip recession
The UK economy has returned to recession, after shrinking by 0.2% in the first three months of 2012.
A sharp fall in construction output was behind the surprise contraction, the Office for National Statistics said.
A recession is defined as two consecutive quarters of contraction. The economy shrank by 0.3% in the fourth quarter of 2011.
BBC economics editor Stephanie Flanders says it “adds to the picture that the economy is bumping along the bottom”.
If you look at the accompanying graphic, you need to remember that the Conservative government won control in May of 2010, so, to be fair, they weren’t really impacting the UK economy until 2011.
