CBI predict deeper UK recession

CBI predict deeper UK recession

February 14th 2009 6:46 pm

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The latest CBI forecast predicts things are going to get worse for the economy before they get better. According to the CB ...

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The latest CBI forecast predicts things are going to get worse for the economy before they get better. According to the CBI press release: “...it will take until the second half of next year until the impact of interest rate cuts, falling inflation, the relative weakness of sterling, plus the fiscal boost, start to have a stabilising effect. The rapidly deteriorating global economy and the continued difficulties UK businesses are facing in accessing credit will push the economy deeper into recession in 2009.” CBI predictions include:
  • the recession will last throughout 2009;
  • the economy is expected to contract by 3.3%;
  • unemployment will reach close to 2.9 million by the end of the year; and
  • the economy is expected to stabilise early next year with the recovery building throughout 2010.
To read more about the CBI’s predictions visit the links below. Source: CBI press release CBI forecast

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