UK May Experience Recession Soon

The United Kingdom may start to get into another bout of recession during the first six months of the year 2012 as many of the households are trying to lessen spending, according to the National Institute of Economic and Social Research. In light of this, the influential research think tank said that the government should try to ease their spending cuts in order to foster growth and development in the country. The economy is expected to decline by 0.1 percent this year but is also expected to grow in 2013 should there be a positive change in the current crisis in the eurozone. The recession that NIESR is referring to is the two consecutive quarters of economic contraction. Official statistics show that in January, the UK economy declined by 0.2 percent during the last quarter of 2011.