Latest data from the British Chambers of Commerce (BCC) economic survey indicate that the UK recession is still very serious and that unemployment can be expected to grow rapidly in 2009 and 2010.
Manufacturing has shown a “worrying deterioration” with exports reaching a 10-year low. There was some slightly better news in that the pace of decline in services appears to be slowing.
David Kern, Chief Economist at the BCC, said that he expected GDP to decline by 3% in 2009 and that all indicators point to further increases in unemployment, with a peak of 3.2m in the third quarter of 2010.
Call for action
Commenting, Director General of the BCC, David Frost, said:
“The Budget is an opportunity for the government to show business that it is doing everything possible to support them.
“It will be business that drives the UK out of recession and for this reason it is vital that they have the freedom to create jobs and wealth.
“Although it is encouraging to see improvement in the service sector, there is more pain to come in this downturn. Manufacturing is still being hammered and exporters see little light at the end of the tunnel. Limiting the damage to our manufacturing base must be a national priority.”
If you are worried about being made redundant, or have already been made redundant, check out our guide on surviving redundancy.
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