Last week, the ONS reported that UK growth had ground to a halt. However, the second quarter zero growth rate hid deeper, more disturbing trends. For example, agriculture, construction and manfacturing sectors actually shrank. In the case of the latter two, the declines were huge. So the recession is definitely here for those firms that build and make things.
Ironically, finance and business services continued to grow. While the growth rate has slipped, the sector is still well north of a recession. It also suggests that the credit crunch has not been quite as traumatic as some would suggest.