moneysupermarket.com: UK officially in recession

Commenting on the UK officially being in recession, Kevin Mountford, head of banking at moneysupermarket.com, said: "It finally looks like the powers that be can no longer hide behind the fact that ‘technically' we were not in recession - although in reality we have been since last summer.

"Unlike the previous recession of 1991, this recession will have no boundaries. It's not only going to hit the traditional areas of suffering - manufacturing and construction - but also retail and hospitality. It means that women, who are increasingly becoming major breadwinners, will be hit just as hard - if not harder.

"All the focus has been on addressing the problems within the banking sector and until this situation is resolved there will be no sign of recovery."