Britain’s gross domestic product dropped more than previously forecast in the final quarter of last year. The Office of National Statistics reported the contraction was 0.3% in the fourth quarter of 2011 and not the 0.2% previously reported. For the year 2011, GDP in volume terms increased by 0.7%. Taken together, the numbers show the UK economy slipping toward possible recession levels if the fourth-quarter trend continued into the current one. The figures will revive the debate over whether the government has cut expenses too sharply. These cuts, some economists say, were so widespread that any stimulus that might have strengthened housing and employment is gone.
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