Abstract

The latest UK recession began in the April–June quarter of 2008. It was the longest recession on record nationally. By January 2010 the UK was, technically, out of recession and, in the words of the Chancellor of the Exchequer, Alistair Darling, ‘we are on a path to recovery’. But, as the Chancellor qualified in an announcement on 26 January, ‘I'm confident but I'll always remain cautious’. Darling's note of caution is quite right, for as many commentators have indicated, this is an extremely lacklustre recovery (BBC, 2010). Germany and France, Europe's two largest economies, came out of recession during the summer of 2009, followed by the United States. The latest economic figures from the UK, however, show a much limited upward trend, and the risk remains that the economy could dip back into recession. The technical calculations remain with the Office for National Statistics which is expected to publish final figures in March 2010.

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