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National Institute of Social and Economic Research issues UK report

The National Institution of Social and Economic Research (NISER) has stepped forward with yet another downbeat statement on the UK economy. They believe that the UK economy will fall by 1.5% in 2009 and unemployment could hit a high of 2.5 million by 2010 although they forecast that inflation will fall within the government's 2% target in the medium term.

It is also forecast that the UK economy will shrink for six quarters in a row, consumers will be squeezed even harder and UK national debt will increase yet further. They also believed there is a one in 10 chance of deflation although further room for interest rate cuts should help to head off this potential problem.

Even though the more recent reports on the UK economy have often varied in their forecasts for the future there is no doubt that the UK is in for a very tough time over the next two years. The NIESR has suggested that a £30 billion fiscal package would equate to 1% growth in the economy next year although if the UK government look for a smaller injection of cash this growth rate will fall short of the 1% level.

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