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UK economic downturn worst since 1980

Official figures released by the Office for National statistics have dismayed many economic experts and confirmed that the UK is officially in recession. It has been revealed that in the final three months of 2008 the UK economy contracted by 1.5% and when added to the 0.6% fall in the third quarter of 2008, there was a combined fall in the economy of 2.1% in the second half of 2008. This is officially the sharpest fall since 1980 when unemployment reached record levels as Margaret Thatcher battle to save the economy.

The 1.5% fall in the final quarter of 2008 was higher than analyst expectations of 1.2% and prompted many to revisit their figures for the future. The speed of the contraction of the UK economy has alarmed many experts amid fears that the UK is heading for a severe recession and possible depression. While this would be a worst case scenario for the UK economy it seems as though each quarter is now bringing worse news and fears are growing for the future.

While it is no surprise that the UK is now officially in recession there are concerns that the UK government has "lost control" of the situation and the economy is now effectively in freefall.

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