More than one million people will be made redundant in the worst recession for almost twenty years, British business leaders warn, The Telegraph reports.
The Confederation of British Industry (CBI) predicts that 2.86m Britons will be unemployed in two years time. It expects the economic slump to be the worst since 1991 with the economy forecast to shrink by 1.7% in 2009. Alistair Darling, the Chancellor, is also expected to officially forecast an economic downturn in 2009 in next week's pre-budget report. He warned yesterday that we are in "unchartered waters". John Cridland, the deputy director-general of the CBI said: "The short and shallow recession we had hoped for a matter of months ago is now likely to be deeper and longer lasting....
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