The recent weakness of the news on the domestic economy and the deterioration in the overseas outlook – particularly in the euro-zone – has made us concerned that even our bearish forecasts for UK GDP growth will not be met. As a result, we now expect growth of just 1% in 2012 and 1.5% in 2013 (down from 1.5% and 2%) and the risks of a renewed recession are rising alarmingly.
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