It's worse than we thought, admits CBI
10 08 08 - 08:02 Leading employers' organisation the CBI will this week perform a significant U-turn and warn its members that the economy is deteriorating at a faster rate than it had predicted.As recently as June, Richard Lambert, the CBI's director-general, took a relatively optimistic view, saying we should avoid talking ourselves into recession. But in a letter to mark the first anniversary of the credit crunch, he writes: 'There is no doubt that the mood has darkened in the last two or three months,' and warns that growth prospects for next year and 2010 'look no better than anaemic'. It is the most pessimistic assessment of Britain's economic prospects that Lambert has delivered.
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What its means is that, prices are high, people can't afford to buy as much as usual, we can't be taxed and there is less retail profit. This is bad for our "economy" and the treasury from which the government decides how much to spend on this nation compared with the various other nations it supports. But it is necessary to curb consumption as a measure to protect the world's resources and environment.
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