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Not only is the US in recession. Although the global economic crisis started in the US due to the subprime mortgage market crush the results of the economic break-down were felt in all major industrialized countries all over the globe. UK economy has not entered in recession since 16 years, until now. The unemployment rates are still high, the interest rates increased, economy and GDP also showing unpleasant rates.

In the fourth quarter of 2009 UK’s economy has grown with 0.3 % while the initial GDP figures show that in the last quarter of 2009 it has dropped to 0.1%. Recently one of the main economic concerns in the UK is the drop-back of the pound against dollar. The strength of UK economy is falling down, against the dollar the pound has fallen to a nine-month low. People are expecting some change and growth in the GDP, but are expecting continuous negative figures after the next revision. In order to plug the growing whole in UK’S finances, in January, the government borrowed further 4.3 billion £. Lately the sterling fell 1.4 cents to $1.5261, which is everything but promising, being the worse result since May 2009.

Because of the poor rating data and the remaining weaknesses in economy, the continuous moves in sterling has gone far more than any other currencies. Due to the government’s further borrowing act inflation in UK had accelerated to 3.5% and further deteriorations were noticeable in public economy. Some say that the sterling’s weakness is also due to the political uncertainty UK is facing with at the moment.

Unfortunately the picture is not as bright as everyone would accept from one of the wealthiest countries of the world, but the results and measures prove this negativity: last being in recession for 16 years, now the UK is facing some major economic problems, GDP drop and slight decline in the pound against dollar.