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British chambers of commerce sees 'menacing deterioration' of UK economy
British chambers of commerce sees 'menacing deterioration' of UK economy
Last Modified: 08 Jul 2008
By:
Katie Razzall
The British chambers of commerce say there's been a "menacing deterioration" in our economic prospects.
It said business confidence, sales and investment are all slumping, leaving the UK facing a "serious risk" of recession.
Supporting that gloomy outlook, one of Britain's largest house builders has lain off more than a thousand staff.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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