Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

UK economy tipped to recover in late 2009

Staff Reporter 1 minute read

The UK may already be in recession, but it will not be as prolonged as that 1990s downturn, the Confederation of British Industry (CBI) said today.

In its latest assessment of the UK economy, the CBI downgraded its growth forecasts for 2008 from 1.7 to 1.1 per cent, with economic output expected to shrink by 0.2 per cent and 0.1 per cent over the remaining two quarters.

GDP growth forecast for 2009 was cut even more drastically, from 1.3 to 0.3 per cent.

Nevertheless the Confederation said GDP should stabilise in 2009 ahead of a gradual and growing recovery.

“The UK may have entered a mild recession that will hopefully prove short lived. This is not a return to the 1990s when job cuts and a slump in demand were far more prolonged,” CBI director-general Richard Lambert said.

Advertisement
Advertisement

Although the credit crunch would “be with us for some time” Mr Lambert said “conditions are set to improve later in 2009”.

Published: 15-09-08

Today's other stories

 

UK economy tipped to recover in late 2009
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
David Zammit ta Major brokerage appoints new GM of distribution

Mortgage Choice has announced that Citi’s former head of bankin...

ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

FROM THE WEB