The UK is not technically in recession. It is in recession. The worse than expected 0.2 per cent fall in gross domestic product in the first quarter will undermine confidence by business and consumers and puts at risk the country’s AAA credit rating.
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Britain is back in recession. The only question is whether the slump is limited to the minimum two consecutive quarters or extends into the summer of 2012.
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Another quarter like the last three months of 2010 and Britain will be back in recession. Even after blaming December’s snow, the direction of the economy is clear – downward.
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Stop asking if Britain’s heading for a double dip recession: we’re here. Or at least the all-important housing market is. Property was the first sector of the economy to turn downward after the crash in 2007 and, following last year’s rebound, prices are heading south again.
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When well over 100 plcs report results in a single week they present a good picture of the state of British business. And the canvas painted is one of cash-rich companies eager to hand out dividends.
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When Britain’s biggest investor speaks it is worth listening. But the message from Legal & General Group Plc (LON:LGEN) is gloomy: the chancellor has got it wrong, it is too early to apply the brakes, and we’re heading back towards recession.

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God save the Queen, but where will the savings come from?
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Well, what did small business expect from Lord Sugar? The TV star told small companies that they are moaners. And they proved him right by moaning.
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It’s not only when new economic figures are better than the old that we know we’re past the worst, it’s when the old figures are revised so that they’re not as bad as they were.
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It takes two quarters of negative growth to start a recession but only three months’ positive growth to end one. The UK slump is probably already over, making it deep but quick.
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