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FTSE 100 edging closer to 5000 level

It has been a difficult few days for the FTSE 100 index which fell a further 54 points today to 5046.47 as investors become more and more concerned about the UK economy and the outlook for the worldwide economy. Even though George Osborne's budget was fairly well-received within the city it seems that the reality of the UK economic situation is only now starting to hit home with many people and some investors have been spooked.

Whether the index will test the 5000 level in the short to medium term remains to be seen but at this moment in time some investors are finding it very difficult to maintain a positive stance and find reasons for ploughing significant money back into the market. Many people believe that the FTSE 100, and other indices in the UK, tends to look around 8 months to 9 months ahead which would appear to indicate a difficult time for the UK economy later in 2010 and in early 2011.

There is also growing concern about public sector contracts with a number of firms operating in this particular area issuing downbeat statements. These are the first signs that the UK government's new austerity plan is hitting home and starting to impact people on the ground floor.

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