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British Chambers of Commerce see painful and prolonged UK slowdown

The British Chambers of Commerce (BCC) has today called for government assistance after suggesting that the downturn in the UK will be both painful and prolonged and may last longer than many people have forecast. Like many economic experts, the BCC is also of the belief that unemployment will reach almost 3,000,000 and there is a real need for a change in fiscal policy in the short to medium term.

The BCC is suggesting that the government implement a fiscal stimulus package worth between £12 billion and £18 billion before the end of 2008. However, with this call they are also suggesting that the government needs to get the balance right between lending to boost economy and lending for lending sake. There is concern that if the government is seen as reckless then this will put further pressure on sterling and push it down to new and dangerous lows.

Over the last few weeks we have seen the emergence of some seriously downbeat statements on the state of the UK economy. It seems as though nobody has a good word to say at the moment and this is putting more pressure on the Bank of England to reduce rates and the government to spend their way out of a possible recession.

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