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Triple-dip recession? No, Britain is in one long slowdown Add to ...

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The usual British definition of a recession – two consecutive quarterly declines in GDP – is misleading. By the more meaningful U.S. standard of “a significant decline in economic activity,” the U.K. cannot enter its third recession since the 2008 financial crisis – even if GDP falls in the current quarter, as it did in the last three months of 2012.

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