After contracting by 4.3 per cent this year the economy will grow by 1 per cent in 2010.

Consumer spending will fall by 3.5 per cent in 2009 and by 1.1 per cent next year.

Unemployment will peak at almost 3m or 9.3 per cent of the labour force in spring 2011.

House prices will resume their fall, declining in real terms on an annual basis until mid-2012.

After running at 12 per cent of GDP in both 2009-10 and 2010-11, public sector net borrowing will fall only gradually to 7.5 per cent by 2013-14.