Thinking Of Moving To London To Look For a Job? Think Again

No jobs there.

AP: Britain’s economy shrank in the third quarter as the global credit squeeze took its toll, according to figures out Friday, confirming that the country is on the brink of its first recession since 1991. The pound plunged.

The contraction in growth in the July to September quarter had been widely expected but the 0.5 per cent dip was greater than anticipated, sending share prices and the British pound spiraling downward.

…The growth figures for the third quarter mark the first half of the definition of a technical recession used by government: two or more consecutive quarters of negative economic growth. Economists say that the current quarter, October to December, is certain to continue the trend.

“The economy is already in recession,” said Hetal Metha, a senior economist at the Ernst & Young Item Club. “We’ll get confirmation in January when the Q4 numbers are out, but today’s figures highlight how serious the situation is.”

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