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Is the UK really headed for a double dip recession?

Towards the end of 2009 it seemed as though the UK economy was on the verge of a sustainable recovery which could potentially save the Labour government from defeat at the next election. However, over the last few weeks the situation has deteriorated somewhat and there are grave fears of a double dip recession in the UK which would effectively undo all of the good work done by Gordon Brown over the last two years. So is a double dip recession really a possibility?

Only a few weeks ago it seemed that a double dip recession would in fact be a nightmare scenario and a doomsday prediction from some sceptical analysts. However, we have since seen UK retail sales collapsed in January, the trade deficit increase dramatically and sterling is now under pressure after a brief period of respite during which it benefited from the weaker euro. When you also take into account the fact that the quantitative easing program has been suspended by the Bank of England there are many crutches of support which have been taken away from the UK economy.

The next few weeks should give us a clearer picture of the situation with many analysts and economists crossing their fingers and hoping the last few weeks were nothing but a blip in the short to medium term recovery process.

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