It is amusing to watch economists toss around ridiculous terms like "technical recession" to justify their poor forecasts. The entire eurozone is now in recession and the UK was sure to follow because so much of its trade is with the eurozone. This was easy to predict, yet few did.
Britain risks falling back into recession unless its banks increase the amount they are lending to businesses and individuals, Business Secretary Vince Cable said in an interview with The Sunday Times."The top priority now, to boost growth and jobs and avoid a double dip (recession), is making the banks lend again," he told the newspaper, as the Bank of England was on Wednesday expected to downgrade its forecasts for British economic growth.
LONDON (Reuters) - Britain's economy did not suffer a double-dip recession after all, but its recession immediately after the financial crisis was deeper than previously thought. Revised data showed that Britain's economy did not shrink in the first three months of 2012, and output was instead flat, the Office for National Statistics said following a major annual revision of Britain's economic data.