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He determined that the UK economy will shrink by 3.5% in 2009, the biggest drop since World War II. The decline in the UK economy in the first quarter of 2009 may be comparable to the 1.6% decline in the fourth quarter of 2008.
Darling made the above judgment when the annual budget report was submitted by the parliament. He believes that the measures already taken by the British government and the measures to be announced will promote the UK economy to resume growth at the end of the year. Darling also expects the UK economy to grow by 1.25% in 2010 and by 3.5% in 2011.
He promised to use nearly £1 billion to help UK homebuyers to meet future housing supply and support the recovery of the Construction industry, and will provide an additional £500 million in financial support to stimulate housing projects. At the same time, in order to alleviate the difficulties faced by some small-scale enterprises in obtaining funds, the British government will also set up a 750 million pound fund to make strategic investments in high-growth industries such as biotechnology, advanced manufacturing and digital technology.
In view of the current economic contraction, Darling expects the UK government to increase its debt in the next few years. He said that by the end of FY13, the UK's net borrowing will total 660 billion pounds.
The Debt Administration of the UK Treasury also said on the same day that in the fiscal year 2009-2010, the department plans to issue 220 billion pounds of long-term government bonds and 21.6 billion pounds of short-term government bonds. Affected by this news, in the foreign exchange market of the day, the pound fell to the lowest level since April 1 against the US dollar.
The UK's economic trend in 2009 or “first suppress and then raise†the UK economy
On April 22, the British Chancellor of the Exchequer Darling predicted that the UK economy will shrink sharply in 2009, but will resume growth by the end of the year. He said that there is no shortcut to resolve the global economic crisis, and the world economy is facing the most serious crisis in 60 years.