Meanwhile the UK economy has double-dipped, returning to a state of 'technical recession' with the Office for National Statistics (ONS) measuring the economy as having contracted by 0.2 per cent3 in Q112. The governing coalition has also recommitted to continuing with its austerity programme of deficit reduction and with sustained low interest rates and slow wage growth combining with high unemployment and price inflation consumer confidence, as measured by GfK NOP, has fallen to a low of -31 per cent as consumers increasingly believe the economy will get worse before it gets better.
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