The UK recession is still very serious and is likely to continue for sometime, a quarterly Economic Survey from the British Chambers of Commerce showed Tuesday. The business lobby said there is a clear need for corrective action.
According to the survey, the manufacturing sector's balances deteriorated again in the first quarter and reached record lows in almost all critical areas. The balances for the service sector showed improvement in most key areas, though they still remain in negative territory.
Commenting, Director General of the BCC, David Frost, said, The Budget is an opportunity for the government to show business that it is doing everything possible to support them. It will be business that drives the UK out of recession and for this reason it is vital that they have the freedom to create jobs and wealth.
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