Page last updated at 13:24 GMT, Tuesday, 18 November 2008
The downturn in facts and figures



THE LOOMING RECESSION
UK GDP

The UK economy shrank by 0.5% in the three months between July-September, after sixteen years of growth. The government is now predicting that the economy will continue to decline through most of 2009 but recover in 2010.

RISING BUDGET DEFICIT
Government budget deficit

The economic slowdown will dramatically increase the budget deficit to levels not seen since the recession in the l990s.

INCREASED DEBT
government debt

The total government debt is now projected to rise to 1 trillion, up 50% to nearly 60% of GDP..


RISING UNEMPLOYMENT
Historical unemployment graph

Unemployment is now rising rapidly, and some forecasters are predicting that there will be 3 million unemployed by the end of next year, based on the ILO measure that the government prefers.

FALLING POUND
sterling v. dollar graph

The pound has declined sharply on international currency markets, and hit record lows against the dollar and euro.


THE PROPERTY SQUEEZE
House price graph

House prices in the UK peaked in the autumn of 2007 and are now falling at the fastest rate since the 1930s, as mortgage availability dries up.
INFLATION PEAKS AND FALLS BACK
UK inflation

Inflation rose sharply over the summer of 2008 with rising food and oil prices, but is now falling. There are fears it will turn negative, leading to deflation. The Bank of England's target rate of inflation, set by the government and based on the CPI, is 2%.




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