People queuing up to buy paraffin during the first oil crisis in the 1970s. Next week, when new figures for gross domestic product come in for November, we will find out if Britain has re-entered recession within a year for the first time since 1975Britain is on course for its first double-dip recession since 1975. Twelve months ago, economists were drawing favourable comparisons with 1975. Unemployment had not been lower in 45 years, they said. Today’s double-dip parallels could not be more dispiriting.

Source: The Times January 05, 2021 17:15 UTC