Austerity Pushes British Economy Toward Triple-Dip RecessionQuicklink submitted by Amanda Lang Permalink
Become a Fan
|The conservative Tory government's austerity policies are pushing the United Kingdom toward an unprecedented triple-dip recession, as the UK's economy contracted 0.3 percent in the fourth quarter of 2012. If the economy slumps again in the first quarter of this year, the two consecutive quarters of losses will mark Britain's third recession in four years. British Prime Minister David Cameron and George Osborne, the nation's finance minister, eschewed stimulative policies when the Great Recession began, choosing inside to pursue swift deficit reduction to address the nation's long-term debt. The result has been unfortunate: as this chart from the Guardian shows, the British economy has now contracted in four of the past five quarters (the London Olympics, which helped the British economy, occurred during the one quarter of growth):|
The time limit for entering new comments on this Quicklink has expired.
This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.