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CBI predicts 3 million unemployed by next year

When even the CBI issues one of the most downbeat statements for some time it really is time to wake up and smell the coffee for those in the UK. The CBI has today announced its forecast for unemployment in the short to medium term with a suggestion that it will top 3 million next year. If this is the case, the UK economy will come under yet more serious pressure in the short to medium term and may require more than the £15 billion of tax giveaways Gordon Brown is supposedly planning.

The CBI has no axe to grind in a political sense therefore the information which they release does tend to grab the attention of those in the financial markets. If the CBI is correct then the current feeling of destitution which many are feeling will be passed onto millions more people in the UK. The knock-on effects to business would be catastrophic with less spending, continually lowering cost bases, tough competition and an environment where only the leanest companies will survive.

The IMF yesterday suggested that the UK was the worst positioned economy for a recovery in Europe, something which appears to be backed up by the ever-growing national debt.

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