Osborne 'confident' on economy despite recession warnings
Britain's Chancellor of the Exchequer George Osborne insisted today the Government was doing everything possible to “weather the storm” as economic forecasters warned the UK is likely to be already in recession.
The Ernst & Young ITEM Club and the Centre for Economics and Business Research (Cebr) both believe that gross domestic product (GDP) shrank in the final quarter of last year and will fall again in the first three months of 2012. A recession is defined as two consecutive quarters of contracting output.