UK GDP numbers are released in theory a total of three times for a given quarter. For Q4 we have

23/01/2009: Advance

25/02/3009: Preliminary

27/03/2009: Final

Q3 final number (23/12/2008) was -0.6% (revised down from -0.5% (P)), and has subsequently been revised down to -0.7%

Today's Q4 preliminary number was unchanged at -1.5%

Looking at the bigger picture, things aren't quite as bad as the 90s recession. Yet.

http://www.ft.com/cms/s/0/47931550-f874-11dd-aae8-000077b07658.html

Reading this article, I was wondering whether the two statements
"Even under what seem like extreme scenarios for UK and US house prices, many people agree that few mortgage bonds outside subprime definitely look expensive. "
"Also, for example, Fitch Ratings recently said that under its stress testing, which included the assumption of a 30 per cent fall in house prices, no mortgage bond rated triple A in the UK would see a downgrade."
are linked. In particular, is 30% fall in house prices considered to be an extreme scenario?  I belive the 30% reflects a peak to trough estimate

http://www.ft.com/cms/s/0/8305276e-ebdf-11dd-8838-0000779fd2ac.html

yet when the derivatives market are pricing in 46% peak to trough,

http://www.tfspropertyderivatives.com/pdf/RISK&MANAGE/2009/Feb-09.pdf

30% seems very optimistic.

http://www.ft.com/cms/s/0/fb6d3b8c-f8a6-11dd-aae8-000077b07658.html

"The world's most highly rated countries have for the first time been put into different categories reflecting their risks for credit downgrades, in a sign of the deepening financial crisis."

Reuters have done a little diagram

http://uk.reuters.com/article/UK_COMKTNEWS_MORE/idUKLB77042220090212

It appears that the UK is not best placed after all. Quelle surprise!

"Law firms offering graduates a median starting salary of £37,000 a year remained the highest payers. Investment banks were in second place, offering £35,000.

In third place, at £28,000 a year, were the business and financial services sectors"

http://www.ft.com/cms/s/0/53e54c1e-f0af-11dd-972c-0000779fd2ac.html

"Gordon Brown was on Sunday night accused of having “learnt nothing” from the economic crisis after he defended unorthodox mortgage loans worth 125 per cent of the value of a home.

After he was pressed on whether he should “shoulder the blame” for lax lending practices, Mr Brown insisted “high percentage mortgages” were fine as long as interest rates were low"

Astonishing that he believes this.

http://www.noelwatson.com/blog/PermaLink,guid,bc024a3b-6d2a-4ea1-bd0e-052811080655.aspx