According to a leading think tank (Paris based organisation for Economic Co-Operation and Development "OECD"), Britain's economy will grow by less than 1 per cent this year.  This is considerably less than its previous 1.4 per cent forecast twelve months ago.  The OECD said in its "Interim Assessment" of the world outlook that the recovery had almost come to a halt across many countries during the second quarter of 2011.  This suggest that the Government's office for Budger Responsibility will have to lower its 1.7 per cent 2011 forecast when it presents its new outlook in November.  The zero growth factor has however led the Bank of England (announced 8th September) to hold interest rates at 0.5 per cent for the 30th consecutive month. Interest rates have been on hold for the longest period since the Second World War.  Whilst the bank is holding its ground in the face of the possibility of a double dip recession it is leaving the option on the table of printing more money if the economy weakens further.

Having worked in the financial sector for a number of years (all be it as an IT Director) I was warned several years back by some leading figures in the industry that any recession wouldn't be short lived. Based on sales figures from the high street, online trading statistics and the threat of legal action against a number of British banks from the US - it's looking like a dark winter and a long difficult new year.