This could mean further job losses, banking problems and financial worry for people across the nation.
Tony Dolphin, senior economist at the IPPR, says the earliest the UK can think about being in a position to see off a threat such as that posed to the economy in 2008-09 is 2013.
With this in mind, companies hoping to survive the coming years may be wise to get their business energy bills in order, perhaps by finding a cheaper dual fuel supplier.
The International Monetary Fund recently suggested Britain is seriously hampered in terms of financial manoeuvrability due to the scale of its public debt.
Posted by Richard Eden
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