Recession Britain, it’s official: but don’t lose hope!

It’s a a hard Friday for the UK: it’s official we are in recession. Probably it’s not exactly news, but all the newspapers have opened today with new even darker predictions for the future.

The BBC.co.uk reports: “The UK is now in recession for the first time since 1991, official government figures have confirmed. … That means that the widely accepted definition of a recession – two consecutive quarters of falling economic growth – has been met”.

The Guardian.co.uk says: “Britain has officially entered recession for the first time since 1991, after the economy shrank at the fastest pace for nearly 30 years in the fourth quarter”.

The Timesonline.co.uk explains: “Britain is in the grip of its sharpest recession for three decades, grim official figures confirmed today. The economy suffered a brutal 1.5 per cent drop in Gross Domestic Product (GDP) during the past three months, shrinking at its fastest quarterly pace since 1980”.

People in London feel the pressure: unemployment is accelerating sharply, with 1.92 million people now out of work, the housing market remains severely depressed and retail sales are weak. There are no ‘green shoots of recovery’, no light at the end of the tunnel. The average recession in the UK since 1955 has lasted for three quarters, but the past two recessions have lasted for five. But people don’t lose the hope and the will to do and work.