The economy shrank by 0.3 percent in the last three months of 2012, and many analysts have predicted another contraction in the first quarter of 2013. That would put the U.K. back into a recession â¿¿ technically defined as two consecutive quarters of economic contraction.Osborne admitted that the recovery was taking "longer than anyone hoped," and that problems in Europe were holding Britain back. The 17 European Union countries that use the euro account for around 40 percent of British exports and many of them are in recession, some of them severe. The current crisis in Cyprus is hardly going to help inspire confidence in the eurozone.
UK To Deliver Another Austere Budget
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