UK economy headed for a slump says national institute
The U.K. pound fell against the euro after the National Institute for Economic and Social Research said the economy faces its worst performance since the 1990s recession. Britain’s gross domestic product will rise 1.5 percent this year, 1.4 percent in 2009 and 1.9 percent in 2010, according to the London-based group, whose clients include the Treasury and the Bank of England. The pound dropped and government bonds rallied yesterday after a report showed a record decline in retail sales. Bank
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