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OECD: UK heading back to recession

The UK will have returned to recession by the end of the first quarter of 2012, according to the Organisation for Economic Co-operation and Development .

In its latest Interim Economic Assessment, the group predicts that the UK economy will contract by annualised 0.4% over the opening three months of 2012.

This follows the annualised 1.2% contraction the OECD believes was seen at the end of 2011, placing the country in technical recession.

The recession is expected to be short-lived, with 0.5% growth forecast for the second quarter of the year.

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