As expected, global financial crisis likewise hit the economy of United Kingdom as expectations arise that UK economy is likely to sink into recession comes next year, according to the Bank of England Governor.
In its forecast, the NIESR predicted that Britain's economy would shrink by 0.9% in 2009, with consumer spending falling by 3.4%, business investment down by 3.8% and private housing investment 17.1% lower.
It also warned that if the government's £50bn banking bail-out did not succeed, the recession could be even deeper and longer.
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