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Has the UK economy really turned the corner?

There is much comment and speculation in the press this morning regarding the UK economy and the fact that yesterday's growth figures of 0.1% in the final quarter of 2009 were well below analysts expectations. As we have seen in the past, the Office for National Statistics has recently revised a number of economic data downwards at a later stage. If the same was to happen with the final quarter economic data released yesterday then there is every chance that the UK could have remained in recession throughout 2009.

Even though officially the UK has left the recession, more and more people across the country are feeling the financial pinch as businesses continue to cut costs and consumer spending remains under pressure. When you also consider that banks have yet to return to anywhere near the credit levels seen prior to the credit crunch it is not difficult to see how the UK could easily fall back into recession. The housing market is crying out for additional finance, credit card interest rates remain relatively high and fewer and fewer people now have access to personal loans.

On the surface the UK economy may appear to be improving but the everyday lives of many people and many businesses still remain in the doldrums.

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