Monday, February 16, 2009
Not a good time to buy property
Business leaders are warning the recession will be deeper and longer than expected with many more jobs lost. The CBI said the Government will also have to borrow around a £100 billion on top of their expectations.Spokeswoman Lai Co said ministers had spent heavily to bail out the banks and cut VAT but there was now less money coming in. In its latest dire warning on the economy, the CBI said the economy will shrink by 3.3 per in 2009, compared with its November forecast of a 1.7 per cent contraction.