Britain’s economy contracted by 0.2% in the first quarter, slipping into recession for the second time since the financial crisis – and its first double-dip recession since the 1970s.
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The announcement puts increased pressure on Britain’s coalition government, which has taken a beating in the polls over austerity measures. But although many see the measures as severe and ineffective, British Chancellor, George Osborne, says they’ll be long-standing:
“We’ve got to go on dealing with those debts, making our businesses more competitive so they can create jobs, helping young people get into work, and making sure that we don’t deliberately add to borrowing, don’t deliberately spend more and make a difficult situation even worse.”
The trouble is, the government desperately needs economic growth in order to achieve its goal of wiping out the budget deficit over the next five years… but with more spending cuts, many analysts say that growth is unlikely.