As the economy has contracted for two consecutive quarters, Britain is now in a recession, it was announced today.
Figures released today (January 23rd) from the National Office of Statistics show that the economy shrank by 1.5 per cent between October and December from the previous three months – a larger decline than in the 1990s recession.
The government has said that it will take steps to hasten recovery, although experts have predicted that the UK is not yet halfway through the downturn, with gross domestic product continuing to shrink throughout 2009.
Gordon Brown has said that international co-operation was the key to lifting the global economy out of the downturn.
The United States, Japan and Germany are also in recession.
Meanwhile, crime such as burglaries, fraud and armed robberies have risen steeply, according to the latest statistics.
The rise is being blamed on the recession, months after a leaked memo to Gordon Brown warned of fears that the financial downturn would lead to a rise in crime.
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