UK economy 'on brink of recession'

The UK economy is likely to be declared in recession, according to professional services firm BDO, after a survey of companies' turnover hopes fell for the eight month in a row.

BDO's Output Index slipped to 91.2 in January from 91.4 in December, where 95 indicates growth, which points to the overall economy contracting in the first three months of the year, after it shrank in the last quarter of 2011 by 0.2%. A recession is two consecutive quarters of economic decline.