UK In Double Dip Recession

The Organisation for Economic Co-operation and Development (OECD) has reported that the UK economy shrank in the first three months of the year.

Between January and March economic output fell, compared to the previous quarter, at an annual rate of -0.4%.

Given that there were three months of negative growth at the end of 2011, this means that the UK is now yet again officially in recession (ie a double dipper).