Looks like the UK is "officially" calling it a depression.
During a heated debate in the House of Commons, British Prime Minister Gordon Brown described the global economic slowdown as a depression, saying countries "should agree on a monetary and fiscal stimulus that will take the world out of depression." A Downing Street official later said Brown meant to say "recession," but the incident prompted widespread speculation on the severity of the U.K.'s economic problems. The Times (London) (05 Feb.)
http://www.timesonline.co.uk/tol/news/politics/article5663645.ece