Sunday, Dec 09, 2007
Only a prize i@iot can think this is good for the UK
Times: UK consumer spending to suffer as ‘reset shock’ hits homeowners
"According to another analysis by Fathom Consulting, Britain runs a high risk of “stagflation” weak growth and high inflation next year. It calculates the probability of UK growth of less than 1% in 2008 at 35%." "Following the decision by the Bank of England’s monetary policy committee to cut Bank rate from 5.75% to 5.5% on Thursday, analysts are convinced further reductions are in the pipeline, despite inflation worries that are likely to be confirmed by official producer price data tomorrow."
Posted by confused76 @ 10:40 PM (214 views) Add Comment
1 Comment
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1. Stevie Dee said...
I agree C76, i can tell you now from "the street", since this rate cut, "shock" has to be the word, i have two jobs, one in a supermarket & the other working online, both don't look good in terms of numbers. I would be humurous about this, but this is a very serious matter, that you can't really smile. Watch out for Christmas sales figures in January 2008, to act as a catalyst to the housing slump, and I don't think the stockmarket is to far behind. Geez, 2008, is going to be richter 8 event. Large retailers going down like flies. Loads of subsequential joblosses, and the natural effect on housing and rental property.
The sentiments you said about foreigners, not caring, and leaving when things go pear-shaped, is true too, they sell tobacco (imported), when you ask, they usually have it under the counter. I thought about this, and thinking about it, what have they got to lose, nothing. They just take the profits home. Wholesaler loses money, as the bills are not paid, as the retailer has built up credit lines, whereas if the UK is home, he can hardly go and with the family back in Warsaw.