Originally published by the Voice of America (www.voanews.com).
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January 23, 2009

Global Downturn Hammers Britain, General Electric
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http://enews.voanews.com/t?ctl=21CBDDB:A6F02AD83191E16018A66D9A2B4B2BD77F0EB4B66EA3A89D&
 
British economy shrank 1.5 percent in last three months of 2008,
following decline in previous quarter 
Woman walks by shop advertising its closure in Croydon, South London, 23
Jan 2009 There are two more signs of deepening global economic problems
Friday
as Britain reports its economy in recession and General Electric says
its profits fell sharply. GE is one of the world's largest
companies, making everything from loans to jet aircraft engines, so
economists watch the company for clues about the overall economy. GE
says a "very tough" business environment cut fourth quarter earnings 43
percent. And
the British economy shrank 1.5 percent in the last three months of
2008, following a decline in the previous quarter. That put the British
economy in recession for the first time since 1991. The
declines came as services and manufacturing fell sharply. The Bank of
England has cut interest rates sharply to encourage economic growth.

Some information for this report was provided by AFP, AP and Reuters.


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