UK spiralling deep into 'official' recession - OECD

An economic outlook study, published today by the Organisation for Economic Cooperation and Development (OECD), suggests the UK economy will shrink at an annual rate of 0.3% in the third quarter, and by 0.4% in the fourth. According to the OECD, the UK economy did not grow at all in the second quarter this year and has fallen significantly from strong GDP growth as recently as Q3 last year, after the credit crunch had already set in. In addition, the organisation has revised its annual GDP growth projection down to 1.2% just two months after predicting growth of 1.8%. The figure is le...