Britain Officially Slips Into Recession

[Judi Lynn]

Source: ABC News

Britain Officially Slips Into Recession
January 23, 2009

LONDON (Reuters) - Britain went into recession at the end of last year for the first time since 1991, official data showed on Friday, with the economy shrinking at its fastest pace since 1980, official data showed on Friday.

The Office for National Statistics said the economy shrank by 1.5 percent in the fourth quarter of last year, the biggest drop since the deep recession of 1980.

Analysts had forecast the economy would contract by 1.2 percent in the quarter and by 1.4 percent compared with a year ago.

The decline was driven by a sharp contraction in both services and production activity. The services sector, which accounts for three-quarters of economic output shrank by 1.0 percent in the fourth quarter, the fastest pace since 1979.



Read more: http://abcnews.go.com/US/wireStory?id=6713998

[Double T]

1. The cascading dominoes will take out one nation's economy after another.

Time to rethink globalization; very few benefit at a horrendous cost to the vast majority. corporate america MUST return jobs and facilities to the US or suffer the consequences of the total demise of America. The UK will follow close behind.

[conspirator]

2. Oh Oh. I'm in Britain nt

[FarCenter]

3. London is unofficially "Reykjavik on Thames"

Huge financial sector with foreign obligations 4 times GDP. The UK is pretty much screwed, just like Iceland.

[Jkid]

4. Except for the rich, they get to keep their wealth

:(

[tom_paine]

6. Please explain.

n/t

[tom_paine]

5. LOL. Since Britain is pretty Bushified (it's executive govt. - not so much the people)

that almost certainly means Britain has been in recession for at least six months, and may be entering a depression right now.

Oh yeah, look at the source of this story. ABC News.

I'd trust a Free World media source, but not the toady American M$M. I have no doubt that ABC is saying exactly what the British govt. wants them to say, and they happily obey, corporate-style.