The Mail reports:
"Alistair Darling's rose-tinted forecast that Britain's economy will rapidly return from bust to boom was dealt another blow last night.
The European Commission downgraded its predictions for the UK - saying it expected output to shrink by 3.8 per cent in 2009.
It said Britain would remain in recession for the first half of 2010, with 'slight positive growth' not returning until late next year. Overall, the commission said, growth for the year would register just 0.1 per cent. "
The Telegraph reports:
"Huge tax rises may be needed to rescue the British economy as it heads towards a bigger annual crash than in the depths of the Great Depression, a respected forecasting group warns today.
The plunge in national output would require the Treasury to raise an extra £42billion - the equivalent of a 9-10p in the pound rise in the basic income tax rate.
Alternatively, workers could be required to work until they are 70.
Gross domestic product could slump by more than 4.6 per cent this year, exceeding the decline recorded in 1931 when Labour's Ramsay Mac-Donald was prime minister, according to the National Institute of Economic and Social Research. "
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