Q2 growth at 0%, says ONS

The UK has begun the slow march into recession, statistics from the Office for National Statistics reveal today.

The ONS report shows that in Q2 2008 the country entered into a period of zero growth.

A recession is defined as two consecutive quarters of negative growth.

The figures are the worst for 16 years but are consistent with dire forecasts that have been made over the past few months.

Some experts suggest the news will spur a cut in interest rates while others believe the UK is months away from another base rate trim.