What are the causes for UK recession?

What are the causes for UK recession?
The recession originated in America where mortgage companies got into massive debt by giving out many subprime mortgages. They then bundled this debt on to other countries such as the UK by borrowing from abroad to finance this risky lending.
As UK banks began to struggle, the government allowed them to lend to each other to promote liquidity. Unfortunately, this resulted in more debt and tension between the banks. The negative publicity that Northern Rock brought caused panic to set in as consumers worried the banks would not be able to pay up. Consumer confidence was knocked greatly. Along with the overvalued housing market finally failing, consumption began to fall.
Once Northern Rock was bailed out, some banks thought they were too big to collapse and continued lending for subprime mortgages, which obviously worsened the situation.