Warning UK has 70% chance of recession

The UK has a seven-in-ten chance of slipping back into recession unless European leaders can find a resolution to the debt crisis, a new report argues.

Even if a solution is reached quickly, the chance is as much as 50%, the National Institute for Economic and Social Research (NIESR) said. Eurozone leaders are due to meet at a G20 summit later on Thursday with fresh uncertainty hanging over the three-pronged rescue deal reached last week, which was designed to ease the region's debt burden. Greece's finance minister and prime minister appear to be at odds over the bailout package. Meanwhile, China said it will not invest in the European Financial Stability Fund (EFSF) - a key part of the rescue solution - until the situation with Gre...