Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Web users show solidarity with Iraqi Christians

Read more

THE INTERVIEW

Gilles Kepel, Islamic and Arab world specialist

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

MEDIAWATCH

'What would you do?'

Read more

AFRICA NEWS

Ebola virus: Liberia shuts most border points

Read more

IN THE PAPERS

Netanyahu says Gaza operation will not end quickly

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

  • France extradites suspected Jewish Museum shooter to Belgium

    Read more

  • Video: How tourism is helping Rwanda’s gorillas, ex-poachers

    Read more

  • Calls mount to ban France’s ‘violent’ Jewish Defence League

    Read more

  • France evacuates its nationals from Libya

    Read more

  • Israeli strikes target symbols of Hamas power

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Karzai’s cousin killed in Afghan suicide attack

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Moroccan police arrest French al Qaeda recruiter

    Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

Business Europe

British recession worse than thought, says minister

Latest update : 2009-04-05

British finance minister Alistair Darling has warned the country to expect even tougher economic conditions this year as he prepares the country's annual budget.

AFP - Britain's recession is worse than the government expected, and the country is unlikely to return to economic growth until the end of the year, finance minister Alistair Darling said in an interview Sunday.
   
Speaking to The Sunday Times, chancellor of the exchequer Darling said he would be forced to revise his economic forecasts lower when he presents Britain's annual budget on April 22.
   
"It's worse than we thought," he told the weekly newspaper, adding that though figures on how the economy did in the first three months of the year were not yet available, "we think they will be bad, because if you look around the world there's nothing that tells you otherwise."
   
He refused to specify how much he thought the economy would shrink in 2009.
   
"I thought we would see growth in the second part of the year," he said.
   
"I think it will be the back end, turn of the year time, before we start seeing growth here."
   
Darling said that while last week's agreement by the G20 grouping of countries would help revive the global economy, "we have to be realistic about this."
   
"You cannot, you must not, build up false hope."
   
Asked by the Sunday Times whether the worst was over for Britain's economy, Darling replied: "I think there is some way to go yet. A lot really depends on how much other countries do."
   
Britain's economy has been hammered by the international financial crisis and resulting global downturn, with unemployment soaring to a 12-year high as the country endures its first recession in 18 years.

Date created : 2009-04-05

COMMENT(S)