Britain slips towards recession
Updated on 24 October 2008
After 16 years of growth, the British economy has shrunk and could slip into recession in the new year.
A recession only becomes official if the economy has two successive quarters of negative growth.
But gross domestic product fell by 0.5 per cent between July and September so the economy will be in recession if that trend is repeated between October and December.
It is the first time the economy has contracted since 1992 and signals a tougher time ahead.
Darling: 'Iceland couldn't cope'
Chancellor Alistair Darling responds to accusations that he 'over egged' the inability of the Icelandic government to reimburse British savers. Watch it here.
