Director general of the CBI, John Cridland
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UK economy 'to contract in 2012'

The UK economy is set to contract this year, according to the Confederation of British Industry (CBI).

It expects UK gross domestic product to shrink by 0.3% in 2012, compared with an earlier forecast of 0.6% growth.

The director general of the CBI, John Cridland said things will pick up next year.

He called on the government to help investment happen and to do a bit more for the housing market.