Tuesday, Nov 18, 2008
Just about sums it up - Stormy weather ahead.
Property Week: CBI says recession to be as harsh as 1991
The UK will enter a recession as severe as that of 1991, with the economy shrinking 2.5% from its peak before reaching a trough late next year, according to a sharply revised forecast from employers’ body the CBI.
Unemployment is expected to reach 9% by 2010, leaving nearly 3m people out of work. In 2009, the economy is expected to contract by 1.7% against a growth forecast of 0.3% made in September.
Posted by fahrenheit451 @ 09:51 AM (343 views) Add Comment
6 Comments
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1. sneaker said...
A year ago, we were told that the UK was best-placed to weather the storm.
What has changed since then?
Or did the speaker of those words know he was lying his @ss off, but think we'd believe what was said?
If you dare not speak the truth, your actions cannot be pre-emptive and thus you make your own future (and everyone else's) worse.
2. The Mad Rapper said...
I do not understand why they predict the recession to be so short? If the boom has lasted 10+ years, why will the recession last 1.5 years? That makes no sense at all to me.
3. Henryweston said...
"The UK will enter a recession as severe as that of 1991"
I think its fairly obvious that this coming recession is going to be a lot worse than 1991.
4. digdug said...
Its already worse than the 90s!!
5. rumble said...
Depression?
6. the haunted said...
We all know that things will be at least 10 times worse than the CBI predidct, experience has shown us that that. Therfore, reality is CBI to the power of ten, and I think that is about how bad things will get.