- 29 updates
The CBI was surprised by the announcement from the ONS that the UK is back in recession. John Cridland, CBI Director-General, said:
Commenting on today’s GDP figures showing that the economy is back in recession, John Walker, National Chairman, Federation of Small Businesses, said:
The ONS's first estimate is done before more than half of the data has been gathered and some economists are hopeful that today's figure will be revised higher in coming months.
But economists warn that the economy will continue to struggle amid stubbornly high inflation and rising unemployment, while confidence and exports will be hampered by the eurozone debt crisis.
There are fears that the extra bank holiday for the Queen's Diamond Jubilee will hit the current quarter, and it is not known what impact the Olympics will have in the summer.
Economic forecaster IHS Global Insight's reaction to GDP in the first quarter of 2012:
Commenting on the news that the UK economy is back in recession, TUC General Secretary Brendan Barber said:
The Chancellor George Osborne said:
"It's a very tough economic situation. It's taking longer than anyone hoped to recover from the biggest debt crisis of our lifetime - even after the recent fall in unemployment.
But over many years this country built up massive debts, which we are having to pay off."
Vicky Redwood Chief UK Economist at Capital Economics said:
Latest ITV News reports
The UK's shrinking economy has left many business owners unsure of where the economy, the government and their livelihoods are going next.
ITV News has been speaking to people in Swansea where the economic outlook is no brighter than the weather