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Is The UK Nearing An Inevitable Recession?

News that growth in the economy has slowed to just 0.2% in the second quarter of 2008 is seen as further evidence that the UK is fast approaching its first recession since the early 1990s. This latest performance brings the annual rate at which the economy has grown to just 1.6%, a far cry from the heydays of just last year. So is recession inevitable?

While it would be wrong to say that a recession was inevitable it certainly looks as though the UK is in serious danger of negative growth in the economy. The problem is that once these trends are in place it can often be difficult to turn them around, much like a large ship on the open seas. Action taken today to try and reduce the affect of the slowdown and turn around the economy may take months to make a difference, giving the impression that the government are not doing anything.

It may be a different story if it was only one area of the economy which was struggling, but this is not the case. The retail sector is coming under renewed pressure, the housing sector has been in free fall for some time and the financial sector is still working on vastly reduced transaction numbers.

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