The ailing UK economy emerged from recession between July and September, official estimates are set to show today.

UK public sector debt levels are set to balloon to a staggering £180bn (€192bn) in the next financial year as the recession tightens its grip, experts warned today.

British interest rate-setters were today under pressure to relieve homeowners and borrowers with the biggest cut for 15 years as the UK plunges toward recession.

BRITISH interest rates have now bottomed out unless house prices collapse, a report by The Ernst and Young ITEM club said.