UK economy 'already in recession'

[T_i_B]

I'm suprised we haven't seen more credit crunch threads down here myself, anyway, here's the inevitable bad news from the front page of the BBC

http://news.bbc.co.uk/2/hi/business/7656090.stm

Britain is already in a recession, which is worsening and could see unemployment rise by 350,000 by next year, a business group has warned.

A quarterly survey of 5,000 businesses by the British Chambers of Commerce (BCC) says confidence has collapsed in both manufacturing and service sectors.

Technically the UK is not yet in recession - defined as two consecutive quarters of negative economic growth.

But the BCC described the survey results as "exceptionally bad" and said the economy was under "immense pressure" for the second quarter in a row.