Director General of the business group, the CBI, Richard Lambert, stated that the county is overall 10pc poorer than it was expected to be before the recession hit. In order to make up for this discrepancy the director stated that the UK will need to work hard to grow as much as possible in the next five years.
Lambert warned last night that if such growth does not occur the upcoming life chances of the new generation of young people will be significantly impaired. Among the results will be an unemployment rate that stays high and lower standards of living.
His comments came directly before the GDP data is delivered today by the Office for National Statistics, which is expected to reveal that economy finally started to repair itself throughout the final quarter of 2009.
Predictions include a .4pc rise by economists in the GDP, which will finally mark the end of the recession officially after six quarters of a consistently decreasing GDP. According to Lambert, Britain has had a slower recovery than the other major economies which have already shown signs of recovery.
Lambert continued to say that growth will come mostly from the trade and private sector investment since the public sector will need all of its resources as it tries to get the finances of the nation back in order.
However, he did state that for the moment most businesses are still attempting to conserve their cash out of fear, which means it will take a while before the market starts to actively come alive again.