Chancellor Alistair Darling said yesterday that “new data has shown that most economies, ours included, suffered a severe shock in the first quarter of this year”, leading many analysts to conclude that Darling will downgrade the government’s assessment of the economy’s performance in 2009 in the upcoming pre-Budget report due December 9th. Early indications are that the report will show that the UK economy shrank by 4.75 percent in 2009, compared to the original forecast made last March of 3.5 percent.
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