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According to the British Chambers of Commerce (BCC), the British economy will suffer from negative - or flat, at best - GDP growth over the following two to three quarters.
If the Bank of England decides against cutting interests rates soon, the economic consequences could be even worse, the BCC have said.
The organisation, which speaks on behalf of UK businesses, also said that unemployment could increase by as many as 300,000 to a total of two million over the next two years, reports the Press Association.
BBC economic adviser David Kern commented: "Once the present crisis is over and the economy recovers, the government must ... establish a more credible fiscal framework."
The Scotsman reported recently that Europe is on course to race ahead of the US into a recession.
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