Britain's economy braced for a triple-dip recession

Dismal economic data shows that Britain is on the cusp of falling into its third recession in five years.

The slowest recovery in over 100 years appears to be getting even slower. Final GDP figures for the last quarter of 2012 confirmed that the UK economy shrank by 0.3%. The current-account deficit for 2012 as a whole hit 3.7% of GDP, a 25-year high.

In March, the Confederation of British Industry's gauge of high-street activity fell back to its lowest level since last August. DIY giant Kingfisher posted its first annual profit decline in five years. If the economy shrinks for a second successive quarter between January and March 2013, we will officially have entered a third recession in five years an unprecedented triple-dip.

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