A survey from a British institution released on Tuesday indicates the country's economy is worsening. Analysts say it could become the most serious economic recession after World War II.
The latest data showed that the consumer confidence index in Britain dropped from 51 in November to 47 in December. Other results showed the public's negative expectations for the economic situation in the near future. Despite that, many people believe that now is a good time to shop, since retailers are offering large discounts.
The British Chamber of Commerce said the country's unemployment rate was expected to hit 10 percent if the situation continues to worsen, with around 3.1 million people out of work. The chamber also predicted that by the end of September 2009, Britain's GDP will drop 2.9 percent from a year and a half ago previously.
Britain's central bank, the Bank of England, is scheduled to discuss interest rate adjustments. Analysts say that although the rate has already been cut to 2 percent, the current climate could force the bank to cut the rate even more.
(CCTV January 8, 2009)