http://news.bbc.co.uk/1/hi/business/7868975.stm
The UK economy will shrink by 2.7% in 2009, its worst performance for 60 years, says the National Institute of Economic and Social Research (NIESR).
As recently as October, the NIESR was only predicting a 0.9% decline.
The think-tank predicted the recovery would begin in the third quarter of 2009, but said it would be "feeble", with growth of just 0.6% in 2010.
It said the economy would be hit by a 3.8% fall in consumer spending and 8.8% drop in business investment this year.
Thanks Gordon (and Blair) for laying the path to a smaller, more compact UK economy.
The UK economy will shrink by 2.7% in 2009, its worst performance for 60 years, says the National Institute of Economic and Social Research (NIESR).
As recently as October, the NIESR was only predicting a 0.9% decline.
The think-tank predicted the recovery would begin in the third quarter of 2009, but said it would be "feeble", with growth of just 0.6% in 2010.
It said the economy would be hit by a 3.8% fall in consumer spending and 8.8% drop in business investment this year.
Thanks Gordon (and Blair) for laying the path to a smaller, more compact UK economy.
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