A devastating report by the International Monetary Fund, amongst the world"s pre-eminent financial institutions, yesterday stated that the recession will hit Britain hardest of all developed economies.
The IMF predicted that the British economy will shrink by 2.8 per cent next year, a significant increase from its November predictions of 1.3 per cent. This compares with a predicted contraction of 1.5 per cent in the US and 2 per cent in the eurozone.
The IMF also suggested that the combined world economy would grow by a tiny 0.5 per cent over the course of 2009. This would represent the slowest rate of growth seen since the 1940s.
Elsewhere, it was suggested that it would take until 2029 for Britons to pay off the massive increase in government debt accrued since the start of the crisis.