How bad will the UK downturn be?

It was a bit of a shock to have Marks & Spencer carry out a one day sale with 20 per cent off. So how bad will be the downturn in the UK economy? Comparisons range from 1990-91 to 1973-74, when we had the three day week etc. The UK economy has been over-reliant for growth from the City of London, which is now in freefall. We will be paying for New Labour's neglect of manufacturing and for the use of an overvalued exchange rate to keep inflation down with cheap imported goods.
Inflationary pressure has always been high with the government's penchant for increasing things such as vehicle excise and fuel duty. However, the scope for raising these are limited due to opposition by the Great British Public. The drop in oil prices might help produce artificial deflation figures but living in the United Kingdom is still not cheap.
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The textbook theory is that the collapse of the pound should help exports but these will be difficult to achieve with recession in the United States and in Europe. At least it will encourage people to take domestic holidays or go to destinations such as Turkey and South Africa.
The Sun today says that UK premier Gordon Brown should go for a June general election. It is probably sound advice since the higher unemployment gets then it might be more difficult to win.