Friday, Mar 28, 2008
BBC Reports the Blindingly Obvious
BBC: Report warns of UK recession risk
Lehmnan Brothers have just noticed that global financial turmoil is increasing mortgage rates and predict that this will reduce consumer spending and have concluded that there is only a 1 in 3 chance of a UK Recession in the next 2 years.
Posted by enuii @ 04:09 PM (554 views) Add Comment
8 Comments
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1. paul said...
Journalistic Genius!
2. Fed Up said...
The usual rubbish demanding rate cuts.
3. harold said...
The BEEB have started 'operation crisis management'. I.e,, after all the ramping up, letting people down gently.
4. Sja said...
"There is a one in three chance of the UK going into a recession over the next two years, according to investment bank Lehman Brothers"
How would you tell they'd got their prediction wrong?.
5. bystander said...
....but still no news on the plight of the pound, no-one seems to know about this in the UK, except those who visit this site.. Wonder if GB will announce the pound and euro at parity and then call for a referendum to join the euro. This has been said before on this site, but just thought I'd bring it up again.
6. layers said...
Yeah now it must be true! But notice the sweetener of "only a 1 in 3 chance of a UK Recession in the next 2 years" - don't get too excited Sheeple, ya'll be OK... promise.. until next month, and the month after that, and then 'UK maybe in Recession', blah, blah, blah.
Jeez, the BBC is almost as bad as the Daily Mail.
And as for LB - No guys it's a sh*t sit worse than that.
"Economist Howard Archer from Global Insight said he believed the UK economy would slow, but not enter a recession, despite consumers tightening their belts in the face of increased mortgage rates, higher food and utility bills.
Notice the good Economist has no facts to support his beliefs - I mean he could have mentioned some of-set sectors of the economy which are set to do well either because of the credit crunch, and / or, are growing well in the UK. So maybe there aren't any - maybe Public Sector which pays terribly (well for those not at the top!). Can't really hold any weight to this person's opinions.
"We believe the UK is set for an extended period of markedly below-trend economic growth, although we remain hopeful that it will avoid recession," Mr Archer said." Again, wishful thinking isn't a great strategy.
7. plato said...
About 3 years behind HPC Brothers forecast. Only pathetically weak and totally lacking in proper news. Otherwise a fine artcle.
8. bystander said...
Can't seem to post an article from the timesonline entitled "Goodbye Rip-Off Britain", which is a shame as it is very good and the comments below are worth reading: http://www.timesonline.co.uk/tol/comment/columnists/martin_samuel/article3634764.ece
This section stands out, especially when considering GB's real agenda, with regards to the sterling (IMHO he is deliberately orchestrating the demise so he can profit, the country can profit, from his astute busines acumen, rather than his ridiculously short sighted behaviour with 'our' gold reserves in 1999), enjoy:
"Brown got away with murder because he was Chancellor in the days when chimps could make money. In May 1999, he sold half the country's gold reserves during a 20-year low in the market at an average price of $275 an ounce. Yesterday morning the price of gold was approximately $946 an ounce. Brown bought euros instead, which have done well, but even so the cost to the nation of this mistake is measured in billions;"