'Recession here and 350,000 jobs will go'

Published Date: 07 October 2008 THE UK is already in a recession, with business confidence, profits and turnover now at record lows and unemployment set to rise by up to 350,000 in the next year, according to an "alarming" new report out today. An authoritative survey of 5,000 firms by the British Chambers of Commerce (BCC) for the third quarter of the year showed a worsening economic outlook and rising unemployment amid a "collapse" in confidence. The business group said it was clear the UK was now in a "worsening" recession and urged the government and the Bank of England to take urgent action to avoid a "major" recession. The Bank's monetary policy... [read full story]