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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Monday 21st July 2008
Economists at Ernst & Young have issued a rather down beat statement on the state of the UK economy which they suggest will struggle to beat off a recession over the next 12 months. The respected Think Tank has been looking at an array of events and scenarios in the UK and considered how the situation may pan out in the short to medium term, and it does not look good......
The main concern of Ernst & Young is the fact that unemployment is due to increase substantially over the next few months and this will have a detrimental affect upon the confidence of the consumer. While we have seen signs of a consumer slowdown over the last few months the current level of spending is still far great than you would expect for the present situation. The problem is that once the consumer realises how bad things are and the prospects for the future, a very sharp downturn and evaporation of confidence could be forthcoming.
Slowly but surely more and more economic experts are coming around to the probability that the UK is heading for a recession although opinion is still divided on whether it will be as severe as the downturn experienced in the 1990s. |
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