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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Britain set for exit from record recession AFP - Tuesday, January 26 Send IM Story Print Shoppers are pictured on Oxford Street in central London, on January 25. The Office for National Statistics will publish data widely-expected to show that the economy grew by 0.4 percent during the final three months of last year following six quarters of negative figures. LONDON (AFP) - – Britain will likely discover on Tuesday that its record recession officially ended in the fourth quarter of 2009 but the country's huge debt pile is set to stunt recovery, economists said. The Office for National Statistics will publish data widely-expected to show that the economy grew by 0.4 percent during the final three months of last year following six quarters of negative figures. However, confirmation that Britain is the final major economy to exit recession may not be enough for Prime Minister Gordon Brown to keep his job following a general election due by June. The economy faces a bleak future with public borrowing forecast to hit a massive 178 billion pounds (203 billion euros, 288 billion dollars) in 2009/10. Despite a mountain of debt caused by multi-billion-pound bailouts of British banks, Brown on Monday insisted that now was not the time to cut state aid. "If you withdraw the stimulus too quickly, then you risk a period when you put the recovery at risk. There is no doubt that that's the view of the rest of the world. It is certainly my view," Brown told a press conference. The future for the British and wider global economy is far from rosy, with the International Monetary Fund and the United Nations recently warning of a possible renewed or "double-dip" recession this year. Those worries have been heightened in Europe, where several nations -- notably Greece and Portugal -- are struggling to cope with soaring public debt. "The UK looks to have a weak recovery this year even as it is expected to have exited recession in the fourth quarter," said Linda Yueh, an expert in economics at Oxford University. "No current credible plan to reduce the fiscal deficit and the uncertainty associated with an upcoming general election could mean a growing risk premium on debt and the cost of servicing that could in turn dampen growth. "All in all, a 'double dip' is possible or a stagnant quarter in 2010," Yueh told AFP. The state of Britain's troubled economy has become the key battle ground ahead of the general election that is likely to see Brown's Labour Party defeated by the main opposition Conservatives, according to polls. Whichever party wins power, Britain faces public spending cuts and taxation hikes in the years ahead as it looks to reduce state borrowing, economists say. The economy, which is also struggling with high unemployment caused by the financial crisis, contracted for six quarters in a row up until the final quarter of 2009 -- its longest recession since records began in 1955. Finance minister Alistair Darling recently admitted that Britain's recession would be deeper than thought -- with the economy predicted to have shrunk 4.75 percent in 2009 compared with a prior official estimate of 3.5 percent. The economy is expected to grow by 1.0-1.5 percent in 2010, Darling added. Recommend Send IM Story Print News Search Top Stories Britain set for exit from record recession Obama to call for partial budget freeze Obama seeks freeze on discretionary spending US existing-home sales dive in December Haitian police shoot scavengers indiscriminately More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended New York woman falls, rips Picasso painting Ericsson to cut 1,500 more jobs, profit plunges Haitian police shoot scavengers indiscriminately Ericsson cuts 1,500 more jobs, profit plunges US existing-home sales dive in December More Most Viewed » Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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