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Britain's Economy Is a Disaster and Nobody Is Entirely Sure Why

Matthew O'Brien

Britain's economy is a riddle wrapped in a mystery inside an enigma, but this much is clear: it's a disaster. After its Olympics-fueled growth, such as it was, lifted it out of recession in the third quarter of 2012, Britain might be headed back after its economy fell 0.3 percent at the end of the year -- the fourth time in five quarters its GDP has contracted. Britain's now verging on a triple-dip recession, which is just another way of saying a depression.

The good news, if there is any, is Britain just poached Mark Carney, one of the top central bankers in the world, to run the Bank of England, and he seems determined to do more than his predecessor to get the country out of its economic rut. And that's it. There is no other good news. Thank goodness for stiff upper lips.

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