The UK economy is likely to continue shrinking until the third quarter of 2009, in the opinion of one economist.
Responding to Baroness Vadera's statement that she could see "a few green shoots of recovery", the British Chamber of Commerce (BCC) said that her words have been taken out of context.
Whereas Baroness Vadera was discussing the financial situation, where there has been slight headway made, the real economy is getting worse.
David Kern, chief economist at the BCC, said: "There are small signs in the financial market that there is less chaos then we have had."
He also added that "there are signs in the interbank market – the gap between three month's rates and the bank rate has actually narrowed".
According to the Office for National Statistics, household expenditure was up in the third quarter of last year.
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