Britain is fast heading into recession this winter despite Washington’s $700 billion deal to bail out America’s banks, say economic forecasters.
This weekend economists cut growth predictions, warning that Britain faces a long and deep recession with unemployment rising by up to 1m.
Gloom over the economic impact of the banking crisis has intensified, with economists warning that the credit crunch is hitting hard because many parts of the financial system have stopped functioning.
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Sunday 5 October 2008
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