The latest figures have revealed that the double dip recession is deeper than previously believed.
The update, from the Office of National Statistics, showed that the economy contracted by more in the final quarter of 2011 than initial estimates indicated, although the results from 2012 have remained the same.
The original data pointed to an economic shrinkage of 0.3% between September and December 2011, but more up to date information has now shown that the figure actually reached 0.4%. And the like for like yearly comparison in GDP data was also amended down to 0.2%.
The news will come as a further blow to the under-pressure David Cameron and Chancellor George Osborne, who have increasingly been criticised for the lack of growth being caused by austerity measures. Experts believe calls will increase for a change in policy, especially as government spending rose by the most in seven years, during the first quarter of 2012, primarily on areas such as defence, health and public administration.
The revised figures mean that the UK economy is now in more or less an identical position to where it stood during 2010, a damning indictment for ministers. And fears are growing that a contraction in GDP during 2012 is now inevitable, especially when coupled with the crisis in the eurozone.
The gloomy predictions are also partially due to the poor performance of the manufacturing sector, which has seen a steep drop, despite hopes that this would be the area to drive the UK recovery. In contrast, the services sector, which represents 75% of the British economy, has seen a steady expansion, one of the main reasons why the recession has not been more severe.
Financial analysts do not believe that this recession will be as long or as severe as the credit crunch in 2008, but that will be little consolation to those running the country at the moment.