EC warns of UK recession in 2008

It says the three countries would see two negative quarters of economic growth in a row - the technical definition of a recession. In its latest economic growth forecast, the Commission also downgraded its outlook for eurozone growth from 1.7% down to 1.3% for this year. Data shows the eurozone’s economy contracted by 0.2% between April and June as a result of a slowdown in exports and consumer spending, which is the bloc's first decline since its creation in 1999. "The economic outlook for 2008 and 2009 is largely shaped by developments in the housing market and the financial sector, b...