Qualified advisers answering your
Financial Questions
call 0800 092 1245

Recession 'to continue through 2009'

The coming recession in the UK's economy will last for the majority of 2009, according to the Confederation of British Industry (CBI).It predicted that GDP will shrink by 1.7 per cent next year and will achieve only 0.8 per cent growth in 2008.The CBI had estimated in September that growth would reach 1.1 per cent and 0.3 per cent for 2008 and 2009 respectively.However, it had to revise its figures due to the "immense strain" on the UK's banks, which has led to a drop in consumer and business confidence, according to the CBI's director-general John Cridland."Given the speed and force at which the downturn has hit the economy, we have reassessed and downgraded our expectations for UK economic growth," he said."But the fast-moving and global nature of this crisis means it is impossible to look far ahead with any certainty."The CBI also revealed that it expects unemployment to reach nine per cent, or 2.9 million, by the middle of 2010.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details