It was not a happy start to the new year for the UK's economy. Having suffered the worst Christmas trade for 10 years, the economy is also seeing manufacturing on the brink of recession and is preparing for a crash in the housing market.
A survey by the Confederation of British Industry has found that high street shops experienced the worst Christmas since 1992, when the UK was in the middle of a recession.
The confederation's chief economist, Ian McCafferty, said: 'If the mood of consumers is still low into the new year, then the outlook for the UK economy is seriously worrying.' However, all this gloomy data has led analysts to hope that the Bank of England will hold off cutting rates for a few months until the market stables.
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