UK recession

The British economy has fallen back into recession for the second time since the financial collapse of 2008. The news came after a poor report by the Office of National Statistics that showed the economy of Britain shrank by 0.2 per cent in the first quarter of 2012. That followed an earlier contraction of 0.3 per cent in the last quarter of 2011. It is the first “double-dip” recession for the country since the 1970s, the New York Times reports