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UK economy hit by double whammy

The UK economy has been hit by a double whammy this morning with new surveys from the British Chambers of Commerce and the British Retail Consortium both showing that the UK economy is struggling. There are now clear signs that the UK economy is at best hitting a rough patch and at worst on the verge of a double dip recession. So what exactly is going on?

The first report from the British Chambers of Commerce shows that UK economic growth in the third quarter of 2010 slowed markedly from the previous quarter. In particular the services sector seems to have been hit hardest which is a damaging blow because this is an area of the UK economy which is vital to economic growth and economic recovery. When you also take into account that growth in the UK retail market also slowed from 1% in August to 0.5% in September, on an annual basis, it seems as though the festive period may not be as jolly as it has been in the past for the sector.

While this situation can change very quickly, slowly but surely the signs are there that problems are afoot and the UK government, Bank of England and various business authorities will need to play their part to help avoid a double dip recession.

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