U.K. Hit By “Double-Dip” Recession

Britain's economy fell into its second recession since the financial crisis after official data unexpectedly pointed to a drop in output in the first three months of 2012, putting pressure on Prime Minister David Cameron's embattled coalition government, Reuters reported. According to the U.K.'s Office for National Statistics, Britain's gross domestic product (GDP) slid 0.2 percent in the first quarter of the year after contracting by 0.3 percent at the close of 2011, derailing forecasts for 0.1 percent growth. The last time the country experienced a double-dip recession was in 1975.

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