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Wait & See

Whoops, Recovery Just A Dream

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UK economy continues to contract

"The bottom line was that today's number is pretty dire, and a sharp wake-up call for anyone who had already been dreaming of recovery."

Colin Ellis, Daiwa Securities

"We are clearly out of the abyss but still have a difficult time ahead," said Brian Hilliard, economist at Societe Generale.
"For this to now happen would require a remarkable bounce back in the second half of the year with growth of around 1.5% of the remaining two quarters," said Richard Snook, senior economist at the CEBR.

"Weaker growth than the chancellor expects means that public sector net borrowing will exceed the £175 bn projected for the 2009/10 fiscal year," he added.

Out of the abyss........... :rolleyes:

Roll on 2010 and Gordo & Merv's QE meltdown. We've never had it so good. :blink:

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