The UK is moving out of the recession faster than predicted, meaning Brits may be able to revise their debt management plans.

Indicators show that the recession is lifting, states Michael Baxter, economist at Defaqto, although he points out that whether this continues or not remains to be seen.

Chancellor Alistair Darling’s prediction that the recession could be over by the end of the year are looking more likely, he continues.

"It is more likely now that Alistair Darling’s predictions are going to be accurate than seemed to be the case when he made them," Mr Baxter added.

He also highlights the fact that the low value of the pound could help the country get out of the recession.

During his Budget speech in April, Mr Darling predicted gross domestic product growth for this year to be -3.5 per cent, rising to 1.25 per cent in 2010.

This growth will be due to domestic and international measures to stabilise the economy, pick-up in world demand and continuing benefits of lower prices, he stated.