The UK economy is feared to move towards recession as the pound value wilts away against dollar in more than two years.

The Pound hits its minimum level and this fall is observed since July2006.

“The growth number confirmed our worst expectations,” said John Hydeskov analyst at Danske bank in Copenhagen.

Also there is rapid fall in the house prices in UK that seems to have no end, he further added.

A rapid fall in the Euro value against dollar is also seen in the last week.

The fall in the value of pound will discourage the tourists to UK that were attracted by strong pound value.

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