Recession in the UK

The BBC report that:

"The UK economy contracted 1% between September and November, the National Institute of Economic and Social Research (NIESR) has estimated.

This fall followed after a 0.8% drop in the three months to the end of October, said the think tank.

Indicating that the rate of output decline is "accelerating", the NIESR now expects a fall of more than 1% in the last three months of the year.

Official data showed that the economy shrank 0.5% from July to September. "

Will Alistair Darling and Gordon Brown now adjust downwards their ludicrously optimistic economic forecasts or will they prefer to continue to live in economic cloud-cuckoo land?