Tuesday, October 25, 2011 8:42:00 AM
The British economy may already be contracting according to Monetary Policy Committee member Martin Weale. In an uncharacteristically bold statement for a member of the MPC, Mr Weale said the country is experiencing the weakest recovery of any recession since the First World War, almost 100 years ago. He intimated that there is a higher risk of a double dip recession than previously thought. " I certainly do think that the underlying rate of growth of the economy is weak now, and I wouldn't be terribly surprised if we were to see output contract in the fourth quarter" he said, blaming the eurozone crisis for "the knock-on consequences for our banks, for business confidence, for the way consumers feel about things."