The west's leading economic thinktank has warned that Britain faces sliding into a double-dip recession this winter.
(Angelo: "The west's leading economic thinktank"? Our humble website and its linked associates seem to be light years ahead of this lofty institution. Are we the vanguard?)
In disappointing news for George Osborne as he puts the finishing touches to Tuesday's autumn statement, the Organisation for Economic Co-operation and Development (OECD) said output would fall in the final three months of 2011 and the first quarter of 2012.
The Paris-based OECD said it expected the UK to grow by 0.6% in 2012 as a whole but the two consecutive quarters of contraction fulfil the technical definition of a recession. In its half-yearly healthcheck on theglobal economy, the thinktank cut its growth forecasts for all the west's major economies and urged policymakers to take urgent action to prevent the contagion spreading from Europe's sovereign debt crisis. Full story/Source