Recession Risks: UK heads for triple-dip as GDP shrinks

Rritain’s at risk of slipping into recession for the third time since the beginning of the global financial crisis four years ago. The country’s economy shrank by point 3 percent in the last quarter of 2012, and achieved zero growth. The decline of the world’s sixth largest economy was blamed on the recession in the eurozone, bad weather affecting agriculture, and a temporary drop in oil and gas output in the North Sea. The country would find itself in recession if the economy contracts again in the first quarter of 2013. All the main global rating agencies have placed Britain on negative watch. The director of the Institute of Economic Affairs in London, Mark Littlewood, says the government should have a different approach to such a burning issue.

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