Britain to escape recession despite growth slowdown

Britain will escape a recession this year despite suffering its slowest rate of growth since 1991, according to a new report.

The National Institute of Economic and Social Research (NIESR) predicts economic growth will weaken from 3.1% in 2007 to 1.5% in 2008 and 1.4% in 2009 to 1.9% in 2010.

But other industry surveys are not quite as optimistic.

The British Chambers of Commerce has warned the UK is “at serious risk” of recession due to falling orders and rising prices in various industries.

NIESR research fellow Simon Kirby told the Guardian: “If (the NIESR) rates of growth are realised then it will be the weakest period of growth the UK has experienced since the recession of 1991.”