Britain IS in recession and 500,000 will lose their job by the end of the year, CBI warns
Monday, 15 September 2008
The economy is in a recession and will not recover for at least a year, the Confederation of British Industry will warn today.
The business lobby group will also claim an extra 500,000 workers could lose their jobs by the end of next year.
The grim forecast is the first warning from an authoritative UK source that the world’s fifth-largest economy has plunged into negative territory.
Last week, the European Union and the Organisation for Economic Co-operation and Development gave similar warnings.
Richard Lambert, director general of the CBI, said both businesses and consumers are suffering a ‘very uncomfortable time’.
Although official figures do not confirm the county is in a recession - defined as two consecutive quarters of negative GDP growth - Government statistics often lag behind the true state of the economy.
The latest figures, for April to June, show GDP growth was 0 per cent.
The CBI will also say it expects the recession to trigger a sharp rise in the number of unemployed, raising the total to around 2.1million.
About 7 per cent of economically active workers will be unemployed, it will claim - the highest rate for more than a decade and larger than June’s forecast of 1.83million by the end of 2009.
The biggest casualties will be those who work in banking, housing and retail - sectors the CBI predicts will become the ‘epicentre’ of the unemployment storm.
To make matters worse, it also expects inflation, currently 4.4 per cent, to keep on rising for the next few months.
And the CBI will warn the trend of average pay rises for both public and private sector workers will continue to be lower than inflation.
Mr Lambert said: ‘The “R" word is obviously a big deal for politicians.
‘In the real world, if you talk to businesses people or households about a plus or a minus in the GDP figures, it does not make any difference at all. It is a very uncomfortable time.’
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Read what a supporter and independent nationalist has to say below and then head over to their site and read the rest, BTW have you copied and pasted the HTML code on the sidebar onto your site yet, spreading the message of white nationalism, if not then please do so, we will create a link page soon, if you think this is a good idea and would like to see your site displayed please place a comment here or for those that know the URL access the main UOIN site, thank you.
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If they cared about us, if they really did, they’d stop immigration, we simply cannot afford more people, more strain upon our fragile economy but you know they don’t care, we are nothing, merely drones to pay taxes, whilst they swoosh by in their high powered cars. They can barely hear us in their ivory towers, barely discern our distress, we are so far below them, that they can hardly see us, let alone relate, oh it’ll be you not them, that loses your job, you not them, that will lose your home, your children, not theirs that goes without. The fat cats will remain fat cats whilst we, right down there at the bottom of the tower, remain inconsequential, yes they’ll come to you again, when they need your vote, to prop up the lie of democracy, they’ll come to you with higher bills and demands for payment.
What they will never do is help us, what they will never do is face the truth, finance must never rule a nation as now it is permitted to do, the power of the moneyed elite is the root course of societal problems, break the power of the banks and you’ve broken the back of the problem. Finance should be
Posted byDVNFadmin at 04:55
