Worst of recession over, claims CBI

Date: 21st April 2009

The worst of the recession has passed with economic recovery now on the horizon, it has been claimed.

According to the Confederation of British Industry (CBI), the financial crisis will "moderate" in the second half of this year as a result of a weaker pound, lower inflation and fiscal support measures.

In the meantime though, it is likely managers will still want to consult their accountant for advice on how to keep up cashflow during the recession.

Director general of the CBI, Richard Lambert, said: "In these turbulent times it is difficult to build a clear picture of how the economy will perform, but there are a few tentative signs that the steepest phase of the recession is now behind us."

Mr Lambert added that while the downturn was "by no means over", he expected growth to return early next year.

Likewise, an investigation by O2 earlier this week revealed that about 20 per cent of small firms expected to expand their trade within the next six months.