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Are we looking at the worst UK recession since 1947?

Figures have shed an unfortunate light on the UK economy with a sharp fall in economic output forcing many experts to run for the history books. We now appear to be heading for the worst UK recession since 1947 with unemployment set to soar in the short to medium term. Despite literally billions and billions of pounds being pumped into the economy output continues to fall and confidence has not picked up as expected.

Many in the UK are now fearing the worst regarding a substantial rise in taxes from 2010 onwards to pay for the massive government spending on various rescue missions. While Gordon Brown appears to be losing the hearts of the UK public he did not help his own position when suggesting that "in the good times people call me Gordon and in the bad times they call me Mr Brown, today they are calling me Gordon". Many have taken this to suggest that Mr Brown is in fact revelling in his position as the potential saviour of the UK economy to the detriment of the UK public.

Whether Gordon Brown actually meant the statement is highly debatable but his timing could not have been worse.

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