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Credit needed to limit impact of recession

Credit needed to limit impact of recession

Category: Loans

Updated: 17/02/2009
First Published: 17/02/2009

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 It is now over 6 months old so the content may be out of date.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 recession that has taken hold in the UK will continue throughout the rest of this year, it has been stated.

According to the Confederation of British Industry (CBI), the economy is likely to contract by 3.3 per cent in 2009, with the number of people who are unemployed nearing 2.9 million.

Director general of the CBI Richard Lambert explained that a recovery will rely on financial institutions' willingness to lend, as steps have been announced to ensure that more secured loans are made available.

"Ultimately the severity of this recession will depend on the speedy implementation of the government's measures to unblock the credit markets and the success of various global stimuli packages," he remarked.

The CBI suggested that stabilisation will occur early next year, leading to the return of growth throughout 2010.

Recent figures from the Office for National Statistics revealed that unemployment reached 1.97 million in the final quarter of 2008.

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