The IMF said today that Britain will be the hardest hit country in the developed world in what is now forecast to be the ‘deepest recession since WWII’. The IMF now expects e the British GDP to fall by 2.8 % this year, not the 1.3% that was previously thought in November. Furthermore, a UN report expects 50 million jobs to be cut worldwide.

Back in the UK, the Prime Minister is facing yet more hardship. He was today accused by David Cameron, the opposition leader, of being ‘crass and insensetive’ when he insists that the government is succeeding in the battle against recession.During question time in Parliament today, he pressed Mr. Brown to admit that the county is bust. Cameron cited a report by the Institute for Fiscal Studies which claims that the country’s debt will take a whole generation to pay off.

Mr. Brown defended his spending, quoting the same report that states that measures introduced by Labour, such as the lowering of the VAT and the rescue packages, was helpful in the fight against recession, and that the Tory ‘do nothing’ policy would see Britain fall even deeper into the red. Even though this has been expensive, Mr. Brown and Labour feels like this is the way to go.