Recession `gathering pace`

13 March 2009

The latest estimates from the National Institute of Economic and Social Research (NIESR) suggest that the UK economy contracted by 1.8% between December and February.

NIESR claims that the level of economic activity is now at 4.3% below its peak in April 2008.

The fall in GDP (Gross Domestic Product) was bigger than that seen in the three months to the end of January 2009, when the economy contracted by 1.7%.

A spokesperson for debt management company Gregory Pennington said: "We are seeing a number of measurable signs that the economy is slowing down now, and although many people have not personally felt the effects, there is a chance that they may do as economic conditions become more difficult.

"For that reason, it`s important that people are especially careful with their finances and quick to tackle any outstanding debts that could prove to be a burden as the recession continues."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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