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03 Jan 2012
THERE ARE no quick fixes for the UK economy, John Cridland, the director general of the CBI, has warned.
In a new report, the CBI sets out how the UK can move away from its dependence on debt driven household and government spending and increase business investment and net trade.
"2012 is going to be a hard road," Cridland said. "We need to identify how the UK will earn its living and pay its way in the years ahead and that means adjusting to change.
"The faltering recovery with family and business budgets under pressure and the on-going crisis in the eurozone are stark reminders of the need to rebalance our economy away from household and government debt."
According to the CBI, the unprecedented economic stability between 1993 and 2007 masked growing imbalances. The UK economy has become dominated by debt driven household and government consumption, which together accounted for 89% of GDP in 2009 - more than in France, Germany or the US.
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