Forex News: "The U.K. economy is either in or on the verge of recession," says senior economist at Standard Chartered Bank Sarah E Hewin. Says next week's 2Q data likely to indicate GDP growth holding up on retail sales volumes but that economic downturn likely visible in 2H GDP figures. Tips recession to linger through 1H09, possibly longer. Adds last three U.K. recessions preceded by period of sharply rising oil prices, sustained increase in house and other asset prices and accelerating inflation followed by tightened monetary policy; "this time round, these key indicators are again flagging a 'perfect storm'".
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