Britain plunged into a double-dip recession yesterday as fears mounted across the world over the health of the recovery and the effects of austerity.
In the latest sign that efforts to foster recovery at the same time as cutting deficits were proving troublesome, UK output shrank 0.2 per cent in the first quarter of the year, having already fallen by 0.3 per cent at the end of last year, putting the country into recession.
The disappointing news on UK growth was echoed by the European Central Bank. Mario Draghi, its president, warned of “prevailing uncertainty” over the outlook. In the US, the Federal Reserve left monetary policy unchanged, giving a more downbeat assessment of employment prospects and strains in global financial markets.
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