Bloomberg reports U.K. Plunges Into Double-Dip Recession [5], as does CNBC, UK Back Into Recession in First 'Double Dip' Since 1970s [6]:
Britain's economy slid into its second recession since the financial crisis after official data unexpectedly showed a fall in output in the first three months of 2012, piling pressure on the embattled coalition government.
My contention is that the UK has not fallen back into recession, but has never truly risen out of the last one. Accounting parlour tricks, financial engineering machinations and outright verbal sleight of hand (what some may call not telling the truth) has given the illusion of organic growth, but in reality and at best, it was simply buying $1.00 worth of growth with $1.20 worth of stimulus - or should I reference this in pounds.
As we clearly articulated two years ago, when it was alleged that recession was over, in the subscriber (click here to subscribe [7]) document UK Public Finances March 2010 [8]:
