double dip recession

BCC: Negative Growth not Sign of a Double Dip

The UK economy’s first contraction in more than a year doesn’t mean we are heading for a double-dip recession, the British Chambers of Commerce (BCC) has said. As reported on Tuesday (UK Economy Takes a Hit in Q4) recent Office for National Statistics (ONS) figures revealed that the UK economy shrank by 0.5 per cent in the three months to December 2010, after four successive quarters of growth. The ONS said that the snowy weather conditions at the end of 2010 were a key cause of the slump. However, BCC economic adviser, Steve Hughes, said that even without the effect of the weather, economic growth would have been disappointing. “It would still have been a flat growth rate well below expectation. And that is before we factor in the challenges facing businesses in 2011, including the ... »

Double Dip fears grow as Businesses Rush for Redundancy Advice

Small businesses across Britain could be heading for a double dip recession as a result of the emergency budget after it emerged the numbers seeking to make staff redundant has soared in recent weeks. Despite today’s figures showing growth in GDP over the second quarter of 2010, employment law experts say they have been receiving more requests for advice on redundancies since the emergency budget a month ago than at any other point since early 2009. Peter Mooney of Employment Law Advisory Services (ELAS), said: “We have not seen an explosion in calls for advice on any one issue like this since the peak of the recession 18 months ago.” “We were already becoming quite concerned by the rising number of enquiries we were receiving before the budget, but there has been a signi... »