Monday, April 20, 2009
Things will get a lot worse before they get better
Recovery will be "slow and fragile", the CBI business group said. The Ernst & Young ITEM club said a tough road lies ahead as unemployment passes the 3 million mark. ITEM's chief economic adviser Peter Spencer said: "We face another 12-18 months of serious grief". The CBI business group now expects the economy to have shrunk by 1.8pc in the first three months of the year - and contract by 3.9pc over 2009 as a whole; with growth of just 0.1pc in 2010. Unemployment will peak at 3.25 million early next year.