UK recession worsens
By Catherine Woods, published 1 year ago in Finance & Banking.
Chancellor Alistair Darling’s assertions in the Budget that the UK will start to recover at the end of 2009, with 1.25 per cent growth next year are being sorely tested with new figures showing GDP fell 1.9 per cent in the first three months of the year.
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The Times says it’s the most severe contraction since 1979, when Margaret Thatcher came to power.
The Guardian says today’s figures showed the biggest fall in manufacturing production since records began in 1948 and the sharpest decline in services output since 1979.
The number of new cars produced in the UK also fell by more than half in March compared with a year earlier.
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