Gordon Brown's efforts to right the listing UK economy have been dealt a blow by business leaders issuing a stinging rebuke of his leadership and economists predicting a "sea change" that would see economic growth nearly halve this year, The Independent reports.
The Ernst & Young ITEM Club, an influential panel of economists, believes that the economy will grow at just 1.8 per cent this year, down from 3.1 per cent last year. Next year will be even worse at 1.5 per cent, it says, unless Mr Brown takes decisive action. Peter Spencer, chief economic adviser to the group, said: "Our reliance upon international banking markets means it is only a matter of time before [the economy] slows. This is going to be a rapid, painful adjustment and it will be a rough ride. We are facing a massive sea change in the balance of the economy." THE SWISS BANK UBS, ...
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