CBI: Economy to remain sluggish
March 22nd 16:05 Cost Management
The UK economy will not pick up until the middle of next year, it has been claimed.
According to the Confederation of British Industry (CBI), recovery is still some way off and the economy will remain "sluggish" throughout 2010.
The organisation said the forecast takes into account the ending of certain measures that have recently boosted the economy, such as the car scrappage scheme and a reduction in VAT.
A number of businesses could be encouraged by the comments to look into effective facilities management as a way to reduce their operating costs in the difficult climate.
Ian McCafferty, CBI chief economic adviser, said: "The state of the public finances means this recovery will be led by the UK consumer, private sector investment and the re-building of stocks.
"But headwinds from tight credit conditions and the desire to borrow less and pay down debt will hold this back somewhat."
The comments come ahead of the forthcoming Budget announcement, which is due to be made on March 24th.
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