The National Institute of Economic and Social Research is predicting that it will take up to five years for the GDP per capita to return to the level it was in the first quarter of 2008. The think-tank sees the total UK GDP falling 4.3% in 2009 before growing 1% in 2010 and 1.8% in 2011.

Public finances in the UK have to find the right path back to fiscal sustainability, and it all starts with a plan. Unfortunately, economic data this week is worse than expected as the UK government debt hits a record GBP799 billion. In order to reconcile poor results, heavy cuts in spending and a rise in taxes over the following years will most likely be put in place to help diminish the substantial debt. Aside from GDP per capita, the think-tank sees the economy as a whole returning to the level it was before the recession in 2012.

Predictions based on UK recovery have the sterling's currency exchange rate at EUR1.1532 and USD1.6368.

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