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Friday, October 23, 2009

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Inherited Crisis

The UK is now in the grip of the longest recession since records began, according to official figures.

Hopes for an end to the recession were scuppered as the economy shrank by a shock 0.4% between July and September - a record sixth quarter in a row of decline.



The lingering decline comes despite interest rates at a record low of 0.5% since March, additional Government spending and an unprecedented £175 billion boost to the money supply through quantitative easing.

The UK's spiraling debt will lead to tax rises, spending cuts and delayed retirement far beyond what is being discussed.

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