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At the moment it seems likely that the UK will enter a recession officially on paper sometime in early January 2009. Although some would say that we are already in a recession; however for there to be official acknowledgement of a recession on paper, there have to be two consecutive quarters of negative growth. The 1st has just occurred (Announced 24th October 2008) Jul-Sep 2008. This is the 1st negative growth quarter for 16 years, if the next quarter Oct-Dec also has negative growth (will will know this in January 2009) then we (UK) will be officially in a recession. As for the likelihood of this occurring; at this point in time is seems it is inevitable and no matter what anyone does to try to prevent this happening; this is now unstoppable.
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∙ 15y ago
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