The economic storm clouds darken

The respected Organisation for Economic Co-operation and Development has forecast that the UK economy will shrink by 0.3 percent in the third quarter of this year, and by 0.4 percent in the fourth. In other words, they’re predicting a recession for this year. 

Ok, so it’s hardly surprising news. After all, the latest figures from the Office for National Statistics had the economy at 0 percent growth for the second quarter – indicating that we’re already in recession. But it does add weight to the argument that the Tories need to find an alternative to their “sharing the proceeds of growth formula” sooner rather than later.