The UK is in danger of sliding into a double-dip recession, according to a leading economic think-tank. The warning comes ahead of the Chancellor’s Autumn Statement, which is due later today.
Yesterday, the Organisation for Economic Co-operation and Development (OECD) predicted a 0.03% contraction in the UK economy this quarter, and a further 0.15% in the next.
Chancellor George Osborne will deliver his Autumn Statement – an update on the government’s economic plans based on the latest forecasts from the independent Office for Budget Responsibility (OBR) – shortly after 12:30pm.
It is expected that he will confirm that growth will be lower and borrowing much higher than planned. In the Budget in March, the OBR cut its growth forecast for 2011 to 1.7% and its 2012 forecast to 2.5%. It is expected to cut both again to around 1%.
It is also widely believed Osborne will unveil a number of measures in a bid to get the economy moving. Among these will be further details on credit easing, youth employment schemes and infrastructure investment.
British Baker will be tweeting live on the Chancellor’s Autumn Statement via our Twitter account @BritishBaker and a full report of what is unveiled will also be available on www.bakeryinfo.co.uk.
But, we want to know what bakers think of what is announced? Do you think the government is doing enough to help small businesses? Tweet us your views @BritishBaker.