A Closer Look

UK – Recession deeper than feared

The Office for National Statistics (ONS) confirmed the economy shrank by 0.3pc in the three months to March, unchanged on its previous estimate, but revised the data for the final quarter of 2011 from a contraction of 0.3pc to 0.4pc.

The figures also revealed the toll the double-dip has taken on families. Household disposable income has fallen by 1.8pc in the six months of the recession, split evenly between the first quarter of this year and the final three months of 2011 – causing consumer spending to drop 0.1pc in the quarter.

Weak household finances are chipping away at growth elsewhere in the economy. Spending has now fallen in four of the last five quarters and a new Bank of England report suggests there is little prospect of relief. Mortgage borrowing costs are due to rise “significantly”, the Bank said, keeping up the pressure on households…

via Britain’s recession deeper than feared – Telegraph.

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Trackbacks/Pingbacks

  1. Pingback: UK – Disposable income at nine-year low « Job Market Monitor - July 31, 2012

  2. Pingback: France – A Second Recession In Three Years « Job Market Monitor - August 10, 2012

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