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slow economic recovery
The CBI has forecast a 0.3% growth in UK GDP between July and September and a 0.4% rise for October to December. This would follow five consecutive quarters of contraction which has seen UK GDP fall by a total of 5.5%.
However, the CBI warned that recovery would be slow and difficult. They point to a lack of demand in the markets with consumer spending still tight and businesses running down stocks.
Consumers are still concerned with job security with unemployment at its highest level for 14 years and expected to grow still higher into the first two quarters of 2010. Households are concentrating their budgets on debt repayment and savings rather than spending.
The return of VAT to its previous level of 17.5% in January is also expected to create some turbulence, slowing spending recovery.
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