Thereafter, the Fed may well cut interest rates down towards 0.5% by the autumn, as the US economy lurches back towards recession.

Next, the opposition needs to expose the fact that Cameron and Osborne do not have a Plan B if the economy heads back towards recession.

An Australian wide trend towards recession hit Queensland particularly hard from July 1866.

The west - heading towards recession.

As the right hon. Gentleman knows, a number of countries around the world are in recession, are heading towards recession or are coming out of recession.

It said:' The balance of evidence over the last month has been towards continued recession.

But with fuel prices rising and the economy lurching towards recession, airlines look like the last companies to invest in.

With Italy's economy sliding towards recession (it shrank 0.2% in the last quarter), this data shows how the country's firms are struggling badly.

The result has been a slide back towards recession.

Larry Elliott has looked at the economics of today's announcement, and he says Osborne's cuts could "accelerate the economy's slide back towards recession".