The British Chambers of Commerce has today published its Fourth Quarter Economic Survey which it says
‘highlight a frightening deterioration in the UK economic situation – they are the worst on record for both manufacturing and services since the survey was first published in 1989.There are no positive features in the Q4 results…It is clear that the UK economy is facing a very serious recession, and the downturn is deepening at an alarming pace.
David Frost, Director-General of the British Chambers of Commerce, said:
“These are truly awful results with the scale and speed of the economic decline happening at an unprecedented rate. We have to focus on holding the productive sectors of the economy together. If we are to climb out of this morass we will need a strong business base. A clearly defined National Recovery Plan will need to be rolled out as soon as possible, involving all politicians.’
BCC’s Chief Economist, David Kern, added:
‘The measures taken in recent months have failed so far to alleviate the downturn. The Q4 results signal big increases in unemployment next year. A prolonged recession can still be averted, if the authorities adopt urgent and additional forceful corrective measures.
Two things are obvious from the above statements, (1) Gordon Brown’s claim of the UK economy being better placed than others to withstand the downturn is utter nonsense and (2) the measures he has announced to soften the impact of the recession haven’t worked as a result of which we face a ‘prolonged recession.’