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UK set for 2010 recovery

8th September 2009

The UK will begin to see economic growth in 2010, according to the latest economic forecast from the British Chambers of Commerce (BCC).

Gross domestic product (GDP) is expected to decline by 4.3 per cent throughout 2009, before returning to positive growth of 1.1 per cent in 2010 and 1.9 per cent in 2011.

Unemployment is expected to continue to rise, peaking at just over three million in the middle of 2010.

The BCC also believes that the Bank of England's Monetary Policy Committee will need to make use of the full GBP 175 billion allocated for quantitative easing - suggesting that it may need to be increased to GBP 200 billion.

BCC director-general David Frost underlined the important role the business sector must play in the UK's recovery.

He said: 'All the political parties must demonstrate that they recognise the vital role of wealth-creating businesses in driving a sustainable economic recovery.

'It is vital that new business taxes, higher National Insurance contributions, and any measures that may damage enterprise and job creation are avoided.'

Last month, the chief economist at the BCC warned that the UK faces a challenge as it emerges from the recession, adding that the economy is still 'very weak'.

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