/24-7PressRelease/ - LONDON, UK, May 04, 2008 - As per the findings of the National Institute of Economic and Social Research, the rate of growth in the British economy is expected to fall to 1.8% this year from the previous year's figure of 3.0%.
The reliable sources have said that the reason for this slow down is fast decline in the 'consumer spending growth rate', which has fallen to 1.2% this year from the previous year figure of 3.1%. "Private consumption will slow to a crawl this year and next," sources at the NIESR explained.
"The UK economy has perhaps reached its most precarious position in over a decade because of global financial market developments," the premiere research institute further added. The government too is visibly readying itself for a growth in the vicinity of 2% figure.
The research institutes's findings are closely echoed by International Monetary Fund and a private group of reputed economists which have predicted the economy to grow at 1.6% and 1.7% respectively.
According to NIESR the economic climbdown and the demand revaluation from consumption to exports is expected to hurt the public finances.
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