It has finally been confirmed that the UK has once again entered into recession.
The Office of National Statistics has confirmed the double-dip recession this morning, delivering a blow to the austerity-led coalition government whose main task when entering Government was to stabilise the country’s economy.
The economy officially shrank by 0.2 per cent in the first three months of 2012. This was preceded by a 0.3 per cent decline in the final quarter of 2011.
It's the first time that the UK has suffered a double-sip since the 1970s.
ONS’ numbers are preliminary and could yet be subject to change.
Although in reality the difference between a small decline and small growth in the economy is relatively meaningless, the headlines could yet have a detrimental effect on consumer confidence that could lead to increased challenges on the High Street.