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UK government set to adjust growth forecasts

Chancellor Of The Exchequer Alistair Darling will next month adjust his growth forecast for the UK economy from a contraction of 3.5% in 2009 to a fall of 4.75%. This is the lowest post-war growth forecast with regards to the UK economy and will certainly be a blow for confidence as the UK government looks to highlight the "recovery" in the UK economy as we head towards the next general election.

However, in leaked snippets now in the press, it is believed Alistair Darling will reassert his assumption that the UK economy will return to growth in the final quarter of 2009 although as yet there is no universal confidence in this particular assumption. This is just the latest in a number of UK government forecasts which have proved to be wholly inaccurate although in reality we have just been through one of the most difficult economic downturns in living history and nobody has been able to forecast correctly the direction of the UK and worldwide economies.

The Treasury is still forecasting growth in the UK economy of between 1% and 1.5% for 2010 although again this is a particular bone of contention with many people believing 2010 could be as difficult as 2009.

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