Britain’s economy may be one step away from recession, with City economists warning that figures due this week could show that growth in the second quarter of the year is already at zero. Bank of England Governor Mervyn King already warned last week that it was a real possibility this year. This week will see the updated figures for growth for the second quarter. The first estimate issued two months ago showed growth at 0.2%. But economists expect the official figure to be revised down this week, possibly to as low as zero, barely above the definition of true recession.
Tags: Bank of England, economists, economy, estimates, Mervyn King, recession