Britain is smack in the middle of the longest double-dip recession since World War II. Official records show that the country ran up its largest current account deficit on record in the second quarter of 2012. The deficit was a whopping GBP 20.8 bn. This includes UK’s trade balance and a shortfall on overseas investments. The country’s citizens are facing tough times. Household spending was down 0.2% over the quarter. The largest declines were in restaurants and hotels, tobacco, and food and drink, as families cut back. However, one positive was that business investment rose 0.9% over the quarter. Overall, the economy contracted by 0.4% during the quarter, slightly less than the previous 0.5% estimate. The economy is still stagnating, and generating employment is the only way to lift economic sentiment. But this is much easier said than done.
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