UK to suffer worst economic contraction in 20 yrs

BIG FALL: The Confederation of British Industry expects the economy to contract by 1.7 per cent in 2009.

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New Delhi: The worst may be far from over for Britian. According to the Confederation of British Industry, the UK will suffer its worst economic contraction in almost 20 years, beginning next year.

It also projected that the number of people out of work could rise to nearly 3 million by 2010.

The industry body expects the economy to contract by 1.7 per cent in 2009. It blamed the fallout from global financial turmoil for the massive revision to the 0.3 per cent growth forecast it had issued in September.