UK officially exits recession

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As was expected, the ONS has confirmed that the recession that has dogged the UK economy for the last 18 months is officially over.

The economy grew by 0.1 per cent in the final quarter of 2009. The growth comes after a record six successive quarters of decline – the worst run since records begain in the ‘50s.

The UK is one of the last major world economies to drag itself out of the downward economic spiral, with the likes of the US, Japan, Germany and France exiting the slump last summer.