| Increasing Chance Of Recession? |
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| Thursday, 03 November 2011 12:37 |
 It's not the news that we wanted to hear. According to the National Institute for Economic and Social Research (NIESR) the chance of recession in the UK is a not very promising 50% if a resolution to the debt crisis is found, and is a very worrying, considering the current issues with Greece, 70% if the eurozone continues to muddle through.
With the G20 leaders meeting soon the eurozone debt crisis will be at the top of everyone's agenda. However the NIESR has said that by the end of 2012 the UK could be back in recession whatever the decisions made at the G20 meeting. The NIESR's director, Jonathan Portes, has called on the UK government to reconsider the current spending cuts in order to help growth in the economy. NIESR said it expects the economy to grow by 0.9% in 2011 and by 0.8% next year. |
