The problem with this forecast, like most forecasts related to banking these days, is that in only a few months, the forecast has become even worse. It's important to see some level of stability, as boring as that may be, and then beat a forecast. The more "even worse" forecasts and deliverables we see, the longer the recession.
Britain will fall into a deeper economic recession than previously thought, the Confederation of British Industry said on Monday, as tight credit conditions and a global downturn weigh down on companies.Growth in 2011 still sounds like a dream.
And the weak pound will provide little impetus because the severity of the downturn in Britain's overseas markets will depress demand even as goods become cheaper to import.
The CBI reckons the UK economy will shrink by 3.3 percent this year, almost twice as bad as its last estimate in November for a contraction of 1.7 percent. It estimates the economy will not grow at all in 2010.
