European commission: UK economy will shrink 2.8% (Guardian Unlimited) PDF Print

The British economy will shrink by 2.8% this year and stage only a tiny recovery in 2010, the European commission forecast today. In its interim EU economic forecast, drawn up ahead of today's new bank rescue package and brought forward by a month, the EC said the UK would experience a period of deflation in the second half of this year and see unemployment rise to just over 8% ...

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