Get The Bunting Out: We're In Recession

Thank Christ for that. We are now officially in a recession. So that hopefully means that I will never have to hear another newsreader say "fears are growing that Britain could be entering a recession," or something similar.

We are in a recession for the first time since 1991, after the economy shrank at the fastest pace for nearly 30 years in the fourth quarter.

Maybe now instead of worrying that we might be entering one, we can start figuring out how to get out of one?

On a very worrying note Gordon Brown admitted that he'd 'failed to see the looming economic crisis' - he must have been the only one then!

The pound fell to $1.3505 on the news, it also slipped below 1.06 against the euro.

London wheat was 75p higher as the pound sank to it's lowest level against the dollar since 1985.

On a brighter note, Everton did the League and European Cup Winners Cup double in 1985, so maybe this is a good sign?