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| Version 0 | Version 1 |
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| UK 'will not recover until 2012' | UK 'will not recover until 2012' |
| (10 minutes later) | |
| The UK economy could decline for another year and take a further two years to recover, according to an influential report. | The UK economy could decline for another year and take a further two years to recover, according to an influential report. |
| A National Institute of Economic and Social Research study says the current economic decline is "very similar" to the slowdown at the start of the 1980s. | A National Institute of Economic and Social Research study says the current economic decline is "very similar" to the slowdown at the start of the 1980s. |
| The latest estimate predicts a 1.5% decline in the first quarter of 2009. | The latest estimate predicts a 1.5% decline in the first quarter of 2009. |
| In a separate study by Nationwide, UK consumer confidence fell in March as worries continued about jobs. | In a separate study by Nationwide, UK consumer confidence fell in March as worries continued about jobs. |
| The building society's consumer confidence index dropped two points to 41. | The building society's consumer confidence index dropped two points to 41. |
| The Bank of England's Monetary Policy Committee (MPC) begins its latest interest rate-setting meeting on Wednesday, with its decision due to be announced at midday (1300 GMT) on Thursday. | |
| The MPC is not expected to cut the Bank rate further from its current record low of 0.5% having cut the rate six times since October in attempt to boost the economy. | |
| Jobs market | Jobs market |
| UK unemployment recently hit two million for the first time since 1997. | UK unemployment recently hit two million for the first time since 1997. |
| Nationwide said consumer confidence was "broadly stable since the start of the year, but feelings about the current labour market have weakened". | Nationwide said consumer confidence was "broadly stable since the start of the year, but feelings about the current labour market have weakened". |
| "Further reports of job losses are likely to have affected consumers' views of this," the report said. | "Further reports of job losses are likely to have affected consumers' views of this," the report said. |
| Nationwide said consumers' confidence fell for the ninth consecutive month in March. | Nationwide said consumers' confidence fell for the ninth consecutive month in March. |
| The building society's survey came as a report from the Recruitment and Employment Confederation/KPMG showed little sign of a strong recovery in the number of permanent jobs available in the UK. | The building society's survey came as a report from the Recruitment and Employment Confederation/KPMG showed little sign of a strong recovery in the number of permanent jobs available in the UK. |
| Although its "permanent placements indicator" rose to 33.5 in March from 30.3 in February, that was still well below the 50 level, where growth begins. | Although its "permanent placements indicator" rose to 33.5 in March from 30.3 in February, that was still well below the 50 level, where growth begins. |
| "These latest figures leave no doubt that the UK jobs market is at its worst in the 11-year history of the survey and recovery might take longer and be more protracted than many hope," said Mike Stevens, partner and head of business services at KPMG. | "These latest figures leave no doubt that the UK jobs market is at its worst in the 11-year history of the survey and recovery might take longer and be more protracted than many hope," said Mike Stevens, partner and head of business services at KPMG. |
| However, the Nationwide's survey of 1,000 consumers indicated that they had became more optimistic about UK economic conditions. | However, the Nationwide's survey of 1,000 consumers indicated that they had became more optimistic about UK economic conditions. |
| "Increased optimism towards the current and future economy is encouraging," said Nationwide's Fionnuala Earley. | "Increased optimism towards the current and future economy is encouraging," said Nationwide's Fionnuala Earley. |
| And expectations for property price falls continued to moderate during the month, with consumers thinking house price values will fall by 3% in the next six months, compared with a predicted 4.7% drop in the previous survey. | And expectations for property price falls continued to moderate during the month, with consumers thinking house price values will fall by 3% in the next six months, compared with a predicted 4.7% drop in the previous survey. |