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Between October and December, 2008, the UK economy fell by 1.5% - this follows a 0.6% decline over the 3rd quarter of 2008, which fulfils the requirements to be deemed a recession.

The latest results, for the final quarter of 2008, represent the buggest drop in the UK economy since 1980 and doesn't bode well for any improvememnt in the near future. In fact, many analysts think that the current downturn will last until at least the end of this year. Great stuff.