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UK economy falls flat

The Organisation for Economic Co-operation and Development (OECD) has today poured cold water on the idea that the UK economy is on the verge of recovery. The OECD believes that the UK economy will fall by 4.7% this year which is a significant increase on its earlier forecast of 4.3%. However, when you consider that the UK government is forecasting a fall of just 3.5% in 2009, the UK economy could be very volatile, not something which UK consumers and UK businesses will like to hear.

As a consequence, the OECD, which believes the likes of the US and the Eurozone will move away from the recession in the third quarter of 2009, believes the UK will lag the ongoing worldwide recovery. As ever, one of the main reasons put forward regarding a potential lag in the recovery of the UK economy is the precarious financial situation regarding public finances. With UK net debt having already topped £1.2 billion and set to go higher and unemployment forecast to go beyond 3 million, it is easy to see why the UK may potentially be slower to the recovery phase than many others.

The OECD has been very critical of the UK government over the last few months and this constant reiteration of its stance on the UK economy is starting to annoy the UK authorities.

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