Disaster likely to dent only the UK economy

The US terrorist attack will have a significant short-term impact on the UK
economy but will not lead to a full-blown recession.

CIPD chief economist John Philpott believes that investment in replacing
damaged infrastructure and attempts by the US to shore up the economy in the
aftermath of the disaster will prove effective.

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He said, "The likelihood is we will see a downturn in the short term
but over the long term there may be a pick-up in activity when some sectors
start re-investing.

Philpott believes a number of sectors will suffer job losses as a result of
the crisis – not just the airlines but tourism and leisure as well.