UK to suffer most among G7 countries in global economic recession

Yesterday I came across the most recent National Institute Economic Review report on the UK's economy. It makes pretty gloomy reading and rubbishes Gordon Brown's claim that the UK is well placed to deal with the global economic crisis. Unfortunately it seems the UK's economic downturn has experienced an unexpected quickening with the economy shrinking by as much as one percent in the months of September, October and November off this year. The report states that we shall suffer the "worst setback among the G7 country's" and that "the UK is especially vulnerable to the credit crisis"

The report concludes-
"The outlook for the public finances is poor. Public sector net borrowing will rise to 4.5 per cent of GDP in 2008–9, and then climb further to 5.3 per cent next year and 6.1 per cent in 2010–11. Public sector net debt will rise to 50.5 per cent of GDP in 2008–9. The deterioration in public sector net borrowing reflects the impact of the recession, together with weaker receipts from the financial and property sectors."

Add to this that on Tuesday the global bank predicted global trade would shrink for the first time since 1982, what cheerless times we live in.