Britain slips towards recession

Link to article at Channel 4 News

Last Modified: 24 Oct 2008
By: James Blake, Faisal Islam

After 16 years of growth, the British economy has shrunk and could slip into recession in the new year.

A recession only becomes official if the economy has two successive quarters of negative growth.

But gross domestic product fell by 0.5 per cent between July and September so the economy will be in recession if that trend is repeated between October and December.