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18/11/2008
Recession could cause 'one million redundancies' |
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Over one million people may be made redundant during the recession, the Telegraph has warned.
In its revised forecast, the Confederation of British Industry (CBI) has predicted that unemployment will peak at 2.9 million and the recession will now run for most of 2009.
GDP growth for this year has been downgraded from 1.1 per cent to 0.8 per cent and the CBI expects the economy to contract by 1.7 per cent - in September it had predicted 0.3 per cent growth.
CBI's deputy director-general John Cridland, said the banking system has come under "immense strain" since the last forecast and both consumer and business confidence has nose-dived.
"An unwelcome consequence of the downturn will be a significant loss of jobs, many of them in sectors that have been relatively insulated until now," he added.
Unemployment is forecast to hit two million by the end of the year with the jobless rate climbing to 6.5 per cent. |
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