Britain’s Economy to Slump by a Staggering 2.8% in 2009

According to the International Monetary Fund (IMF), Britain’s economy is set to slump by a massive 2.8% this year. The global economic watchdog was extremely concerned, as this forecast indicates that Britain’s economy will decline twice as fast as previously predicted. Therefore, Britain’s economy is set to shrink more than that of the Euro-Zone, the United States and Japan. This data is likely to kick-in when the Bank of England (BoE) meets next week and cuts Britain’s Interest rates. The consequence of this is highly likely to lead to a further weakening of the Pound Sterling.