Is the UK in recession?

October 13, 2008

The latest British Chambers of Commerce Quarterly Economic Survey reports that the UK economy is under immense pressure, it is already in recession and the situation is getting worse. The survey was based on 5000 responses from businesses of all sizes, the BCC called its findings “alarming”, with sales and orders moving deeper into negative territory for both manufacturing and services.

Manufacturing export balances plummeted in the third quarter, and confidence in turnover and profitability fell to record lows. Confidence levels in turnover and profitability fell to record lows in the third quarter and cash flow balances remained negative. The survey results pointed to a worsening economic outlook and rising unemployment.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.