Darling admits UK in recession

The Chancellor Alistair Darling has now admitted that Britain is in a recession, but insists he is dealing with it. He has told The Independent that his pre-Budget Report in 11 days' time will give the economy a short, sharp shock but predicts that it will bounce back by 2010.
He is expected to have to admit in his statement to the Commons that public borrowing has soared from the £43bn billion he predicted in the March Budget to £65bn. Meanwhile, Gordon Brown will fly to New York today, ahead of this weekend's emergencyG20 summit in Washington. Mr Brown will tell the summit, hosted by outgoing president George Bush, that co-ordinated global action is needed if the crisis is to be tackled. Barack Obama, who does not take office until January 20, will not attend the Washington meeting of 20 industrialised and emerging economies.