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11/03/2009
Study 'shows acceleration' in UK economic decline |
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Britain's economy declined at an accelerating rate in the three months to the end of February, a new survey has concluded.
The National Institute of Economic and Social Research (NIESR) estimated that during the preceding three months the economy shrank by 1.8 per cent, compared with 1.7 per cent in the three months to January.
Such figures may increase the prospect of there being more redundancies in the UK workforce, something that may prompt people to seek legal advice should they face the prospect of losing their jobs.
While it suggested the Bank of England's new £75 billion quantitative easing programme may help the economy, the NIESR argued that this would be more effective if it was concentrated on bringing down corporate debt.
In one example of jobs being shed this week, carmaker Toyota has announced it is cutting production at its UK plants and is seeking voluntary redundancies among its staff.
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