Commenting, Ian McCafferty, CBI chief economic adviser, said: "Recovery in the UK is likely to be slow and drawn out, similar to that following the 1980s recession. The economy will have to absorb a good deal of structural adjustment. Banks need to rebuild their capital and reduce their leverage, consumers must restore their savings, companies must adapt to higher costs of capital, and the public sector needs to rectify its deficit. Sub-par growth is therefore likely to persist into 2011."
