Is the UK heading for recession?

There has been a significant level of press commentary in recent weeks regarding the UK economy and whether it will fall into recession. Firstly, we need to look at what is a recession. The technical definition of a recession is two successive quarters of negative growth, ie the total amount of goods and services produced by the UK, which is known as Gross Domestic Product (GDP), would have to contract on a quarterly basis for six months. However, while a technical recession requires two consecutive quarters of falling growth, individuals may feel that they are living in a recession despi...