Probably best to put that champagne on ice, because the UK hasn’t exited the recession as had been expected. The latest GDP figures released show that the UK economy contracted by 0.4% between July and September.
What are you doing to celebrate the end of the recession? We’ve come up with 5 great ideas. Kind of.
Some research by shopping reward website ipoints.co.uk suggests that us Brits haven’t been willing to give up many of our luxuries during the recession.
Lovemoney.com have produced a video featuring the opinions a few respected financial commentators to try to get to the bottom of whether we’re starting to come out of the recession, or whether we’re destined to suffer from it for some time to come. The conclusions they come to make for some sobering viewing, and suggest that the effects of this recession could be felt for several years.
Dunfermline Building Society, Scotland’s largest building society, which has been struggling to keep running in the past few weeks, has finally gone bust today.
Although the Dunfermline are yet to update their website with any details of how this will affect its customers, the Government seems to be indicating that savers with up to £50,000 will not lose any of their money.
It’s a real sign of the times that the normally prestigious bi-annual British motorshow for 2010 has been cancelled, as car makers simply cannot afford to put on a show, even with a year for them to save up their pennies.
Update 25th June 2009 – Corus are cutting another 2,000 jobs across the U.K. – more details can be found on the BBC website. The following information relates to an annoucement of redundancies from January 2009. Corus are likely to announce a 10% cut in its U.K. workforce tomorrow morning (Monday 26th), meaning 2,500 jobs […]
Can’t get enough of our basic explanation of important principles effecting our economy?
Then you might also be interested in the BBC’s Recession Tracker – there’s nothing like making essentially dull concepts slightly more bearable with a few graphs and colourful pictures.
It looks like today could be the day that the U.K. economy officially enters a recession, when official data will confirm that we have had 2 consecutive quarters of negative growth, the standard recession definition.
After a few days of quiet on the administration front, electrical retailer Empire Direct has today announced that it has ceased trading and appointed KPMG as administrator.