British economic collapse rivals Great Depression

The collapse in Britain's economy now rivals the worst days of the Great Depression, it has emerged. Economic output shrank by 5.6pc in the 12 months to the middle of the year, according to official figures which shattered hopes that the recovery has already begun.

According to calculations by Martin Weale of the National Institute for Economic and Social Research the profile of the current recession is now almost identical to the decline in Britain's output between 1929 and 1931.

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