Soros: UK risks slipping back into recession

The coalition government's emergency budget and harsh spending cuts risk driving the UK economy back into recession, warns veteran hedge fund manager George Soros.

    Speaking on the sidelines at the World Economic Forum in Davos, Soros said: “I do not think they can be implemented without pushing the economy into a recession. My expectation is that it will prove to be unsustainable.” Soros's warning comes as shock data from the Office for National Statistics released this week showed the economy contracted by 0.5% in the final three months of last year, confounding analysts’ expectations of growth and raising fears of a double-dip recession. Soros indicates he has some sympathy with Mr Osborne’s plans, the Telegraph and the BBC report....