CBI cuts growth forecasts
The Chartered Business Institute (CBI) has cut its growth forecast for the UK but called on the chancellor to stick to ‘Plan A’.
The Institute said it expected growth to be 0.9% in 2011 and 1.2% in 2012, down from 1.3% and 2.2% respectively.
The CBI blamed the poor growth on continued uncertainty in the Eurozone, and the resulting weaker prospects for exports and investment leading to a marked drop in business and consumer confidence.
However, the CBI said that weak economic performance and growing fiscal instability in the Eurozone made it even more important that the government should safeguard the UK's AAA credit
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