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UK recovery in 2010 - CBI

UK recovery in 2010 - CBI

Category: Economy

Updated: 15/06/2009
First Published: 15/06/2009

MONEYFACTS ARCHIVE
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The UK economy is stabilising and the worst of the recession has passed, according to the latest forecast from the CBI.

The business group said it expects to see modest growth to resume during the first three months of next year, with the pace of growth gradually picking up during the year.

Supported by low interest rates and quantitative easing, output is predicted to flatten out in the second half of 2009, with quarter on quarter growth of 0.1 per cent and 0.3 per cent due to be recorded in quarter one and quarter two of 2010 respectively.

The business group said it expected a modest rise in GDP of 0.7 per cent across the whole of 2010. "The return to growth is likely to be a slow and gradual one; difficult credit conditions are still affecting business behaviour," said Richard Lambert, CBI Director-General.

"For positive growth to return, lenders need to feel more confident so that credit can start flowing again."

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