国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global General

Special

Newsmaker

Asia Pacific

America

Middle East

Europe

Africa

UK 'due for worst recession' since 1990

(Agencies)
Updated: 2008-12-11 07:59

The UK economy may contract at the fastest pace since 1990 in the current quarter as the recession intensifies, the National Institute for Economic and Social Research (Niesr) said.

Gross domestic product fell 1 percent in the three months through November and will probably plunge more than that in the last three months of the year, the London-based institute, whose clients include the central bank, said in a statement yesterday. The economy last shrank at such a speed in the third quarter of 1990, when it contracted 1.2 percent.

"The figures make clear that the rate of output decline is accelerating," Niesr said in a statement.

"The problem that" the government "needs to address very urgently is the availability of bank credit; further interest-rate reductions are unlikely to have much effect."

Bank of England policymaker Andrew Sentance said on Tuesday that the recession will likely be as long and deep as any since the 1970s. Prime Minister Gordon Brown has cut taxes and pledged 50 billion pounds in a bank rescue to bolster the economy, while the central bank has reduced the key interest rate to 2 percent, the lowest since 1951.