UK at 'serious risk' of recession

THE UK is now "at serious risk" of recession as falling orders and rising costs tighten the squeeze on business, the British Chambers of Commerce warned today. Services firms saw "alarming" declines in the second quarter of 2008, with those reporting lower orders outnumbering those recording rises for the first time since 1990, its survey of almost 5,000 firms found. The BCC also warned the Government against hitting firms with more taxes in an effort to boost public revenues as the economic gloom grows. Director-general David Frost said: "The temptation for the Government will be to raise business taxes because the exchequer is running out of money. This would be a catastrophe. "To put more pressure on business would not only restrict growth and hit the consumer hard, it would further crush what our economy is based on -... [read full story]