UK will sink into recession this year, says OECD

The UK will be in the grip of a recession by the end of the year, predicts the latest economic forecast from the Organisation for Economic Co-Operation and Development.

The interim economic assessment from the OECD is predicting that the UK’S economy will shrink by 0.3% in this quarter and by 0.4% in Q4.

This means the country’s faltering economy will have met the criteria for a technical recession with two consecutive quarters of negative growth.

Shadow chancellor George Osborne has noted that the UK is the only country out of the G7 to be facing the prospect of recession over the coming year.