UK one of the last to escape recession

The news that the economy failed to emerge from recession in the third quarter highlighted that the recovery will be a long and painful process. Not only is this now the longest recession since at least 1955, when quarterly data began, but the UK looks likely to be one of the last major economies to start growing again. And with output having now fallen by a total of 5.9%, the large amount of spare capacity in the economy suggests that deflation is still a major risk.