Pre-budget report
Drastic action highlights dangerous slide in fortunes for UK economy. The pre-budget report, which included a £20bn fiscal stimulus, has shown just how precarious our economy has become, writes Andrew Tjaardstra
The stimulus announced by Chancellor Alistair Darling on 24 November, combined with a dramatically revised growth target for 2008 of 0.75% and for 2009 of between -0.75% and -1.25%, a ballooning national debt and deteriorating conditions for businesses means that we need this to be a short, sharp recession or we could feel the pain far longer than our Chancellor anticipates. It is a political and economic gamble and our economy, according to Darling, is expected to be in recovery by the middle
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