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UK probably back in recession

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This is not the way anyone wants to start a new year. This year was going to be difficult for the UK no matter who was in power, but the Cameron austerity program is not helping. 2012 will be the year when the pain of austerity really starts to hit families, so the generally kind approval for Cameron is likely to start slipping as the year goes on. The Guardian:

Professor Peter Spencer, chief economic adviser to the Ernst & Young ITEM Club, said: "Figures for the last quarter of 2011 and the first quarter of this year are likely to show that we are back in recession and we are going to have to wait until this summer before there are any signs of improvement. But it's not going to be a repeat of 2009 – we are not going to see a serious double dip." The ITEM Club report forecasts GDP growth of just 0.2% this year before increasing to 1.8% in 2013 and 2.8% in 2014. The ITEM Club said deteriorating levels of confidence will see business investment stagnate in 2012, while export prospects have already slowed.

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