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CBI predict deeper UK recession

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.

Internet links: CBI press release , CBI forecast

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