Are we really back in recession? The official verdict is yes, despite scepticism among many businesses. The fear is that the figures will further undermine confidence, as David Smith writes.
Last month I foreshadowed what I suggested would be ‘the big economic event of April’ the release of official gross domestic product (GDP) figures for the first quarter. It was indeed a big economic event perhaps even bigger than I had expected.
In the days running up to its release the City was expecting a tiny expansion of the economy perhaps a mere 0.1%. The Labour party lined up its attack on that basis ready to argue that slight growth in the January–March period following the 0.3% contraction in the economy...
