economy declined

Economy In Decline

Economy declining at Unprecedented Rate

The UK economy declined at a record rate in the last three months of 2008 as domestic sales in the manufacturing and service sectors plummeted, according to the British Chambers of Commerce (BCC). The BCC’s economic survey of the fourth quarter of last year also revealed that employment levels and business investment fell to their lowest since the survey began in 1989. According to BCC director general David Frost, the pace of the decline has defied expectation. “These are truly awful results with the scale and speed of the economic decline happening at an unprecedented rate” “Despite the weak value of the pound, the export sector has not picked up as hoped. It’s a global recession and there isn’t the demand from customers for the goods we produce.&rdquo... »