Official figures released today have confirmed the UK is in a recession following the sharpest quarter on quarter shrinkage of GP in almost 20 years.The GDP (gross domestic product) for the UK shrank for the second successive quarter when figures showed a decline of 1.5% between October and December 2008.
The fact that the UK is now in a confirmed recession comes as no surprise but the actual figures are actually worse than predicted and many experts now believe the recession could extend into 2010 making it the worst economic situation since World War II.
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