Budget 09: recovery by the end of the year


Budget 09: recovery by the end of the year

Simon Quicke

An economy recovering from the end of this year and growth from 2010 has been outlined by the chancellor who conceded that the economy will shrink by 3.5% in 2009.

Alistair Darling said that there would be a pick up in demand, along with lower prices, so growth would be 1.25% next year and 3.5% annually from 2011.

He said that the communications sector played a key role in getting the economy back on track along with science.

He added that the UK was an open market and, therefore, not immune to the global downturn, but that he expected it to be better positioned than some other countries in Europe, including Germany.

"We know from previous recessions that people's greatest fear is the loss of their job and their home," he said.

Darling also said that unemployment was rising and the government would do its best to try to increase help for those looking for work. As a result it is throwing an additional £1.7bn at unemployment support.

This story originally appeared on Microscope.

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