The recession in the United Kingdom deepened in the second quarter. The Office of National Statistics reported:
The chained volume measure of GDP decreased by 0.7 per cent in Q2 2012 compared with Q1 2012.
And:
GDP in volume terms decreased by 0.8 per cent in Q2 2012, when compared with Q2 2011.
The two numbers were markers that the government’s austerity decision will come under attack as a cause of the problem, and that a certain cause is the global economic slowdown beyond the U.K.’s borders that have damaged it financially. The figures come almost immediately after International Monetary Fund comments about China’s growth and reports yesterday of trouble with U.S. PMI.
Douglas A. McIntyre
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