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UK GDP shows worst quarterly fall in 30 years

It has been revealed that the UK economy fell by an alarming 1.6% in the final quarter of 2008 which is the worst quarterly fall in 30 years. Initially there were expectations of a 1.5% fall but these figures were revised downwards by the Office of National Statistics after a review of the case data. This is an alarming fall for the UK economy and many people now suspect that the situation will get very much worse before it improves, causing more mayhem and misery for the UK population.

It seems as though the ongoing reduction of UK base rates has had limited impact as yet and there is very little sign of a recovery in either the mortgage market or the property market as a whole. When you also throw in the fact that UK national debt is set to hit record levels and the debt of the UK consumer is also near an all-time high the situation looks very difficult to say the least in the short to medium term.

Despite significant rescue plans and fiscal stimulus programs there has been no visible benefit to the UK economy as yet and many people are concerned that funds invested may have been "wasted". However, despite the collapse in the UK economy Gordon Brown and Alistair Darling are still adamant their plans will work and the UK economy will soon move out of recession.

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