News that the UK's economy is heading for a further blow have been confirmed when trade figures showed that UK exports had recorded the biggest drop than at anytime in the last three years. Sterling dropped below $1.50 yesterday, with the ratings agency Fitch warning that the Labour Government's plans to reduce the UK's deficit was "too slow".
The head of sovereign ratings at Fitch said that the UK had "clearly deteriorated pretty sharply" during the last year with the level of public debt to gross domestic product rising higher in the UK than any other country with AAA credit ratings.
The UK's trade deficit grew when exports dropped £1.4 billion to £19.5 billion in January. The figures represent the largest month-on-month fall since July 2006. Sterling becoming so weak should have provided the impetus for British exports to grow abroad, but to date there is little evidence this is happening.
Fears are now growing that the UK economy will fall into a renewed period of recession, with the markets nervous that a hung Parliament will send the wrong signals to the markets, with credit agencies likely to downgrade the UK's credit status.
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