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Bleak forecast for UK’s economy

Bleak forecast for UK’s economy

Category: Economy

Updated: 03/08/2012
First Published: 03/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The dark cloud hanging over the UK's economy shows no sign of clearing, according to the latest grim economic forecast.

Predicted high unemployment, low growth and a 'dysfunctional' financial system are set to make the economy contract by 0.5% later this year. Despite a downgrade in growth figures, the economy is set to grow by 1.3% next year, offering some relief.

The National Institute of Economic and Social Research, which conducted the research, said: "The deterioration of the UK's economy had been more pronounced than even we expected.

"The concern today is that the Great Recession starting in 2008 and the consequent early fiscal tightening policies may lead to significant losses in output and a protracted period of high unemployment."

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