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Desperate Britain back in recession
Thursday, 29 March 2012The UK economy will contract in the first three months of 2012, taking the country back into recession, according to the Organisation for Economic Co-operation and Development (OECD).
But many other analysts are predicting economic growth in the first quarter.
Figures from the Office for National Statistics (ONS) on Thursday showed the UK service sector grew 0.2 percent in January compared with December.
According to Sky news "It will certainly be a blow to the Chancellor who has made it rather clear that although he thinks the economy is rather weak it doesn't necessarily face the kind of crunch it did in 2008.
"However, when you look at some of the figures over the past few quarters there has been pretty much zero growth over the previous five quarters.
"Whether or not you call it a recession, and the OECD is now saying it is a recession, certainly the economy is much weaker than had been hoped for only a few years ago."
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