The British government has officially acknowledge that, the economy has sunk into recession 1.5 percent of negative  growth reported for the fourth quarter of last year as the financial crisis ravage banks, retail and manufacturing.

The output figure released by the Office of National Statistics was 1.8 percent lower in the fourth quarter for the same period last year and one of the worse since 1980.For 2008, GDP rose by 0.7 percent, down on the 3.0 percent growth in 2007 and the lowest level of growth since 1992’s 0.1 percent.

Earlier, Prime Minister Gordon Brown said the duration of Britain’s recession depends on international action against the economic crisis.