To add a bit to Duncan's thoughts on this:
The precipitous drop in rankings of some of the UK schools does not mean that they're worthless. It's just that they're not as valuable as they were even last year.
In addition to the macroeconomic trends, there's also the aspect of selectivity: while at top programs like LBS, the average GMAT has been going up (680-700 since 2008,) but at Lancaster, for instance, has stayed the same during the same period.
Hult is the same way - that program hasn't gotten more selective, and its cohorts will have more trouble when they get out in the workplace.
As to your question about whether it's better to seek an MBA in the US/Canada instead, that's really up to you. If you want to work in the UK, you're going to want to go to school there. Just pick a good school with a good alumni network and decent career services.
So in the case of such drastic drops and changes in the FT rankings with schools such as Nottingham and Strathclyde disappearing do they now hold no value? Strathclyde is triple accredited and I thought that would hold some value.
As for the FT rankings its confusing to me still nonetheless (I do agree to go with these rankings for making a final decision) but how would one rank Hult? I have gotten mixed reviews about them but they rank well.
Is Aston a good choice for a school with potential. Also; what is the decision one makes when a school like Strathclyde was rated highly and now carries no weight. What do potential employers view that as over time?
Duncan what do you specially mean by "The UK schools are great but real macroeconomic trends are pushing down all the schools in recession-endangered Europe." is it better to pursue an MBA in USA/Canada instead?!?!