Britain still at risk of triple-dip recession

BRITAIN remains at risk of a triple-dip recession after figures yesterday confirmed the economy contracted by 0.3 per cent in the closing months of 2012.

The Office for National Statistics stuck by its previous estimate for the fourth quarter, although it now thinks the UK economy grew by 0.3 per cent across the whole of last year, rather than previous guidance of 0.2 per cent.

GDP figures for the current quarter are due to be released at the end of April, with the recent cold weather increasing the chances of two successive quarters of contraction, which would represent a return to recession.

The country’s stagnant performance reflects a fall in industrial production of 2.1 per cent in the fourth quarter.