Wednesday, Apr 30, 2008
Renowned economist predicts UK to worst hit economically
Times: House prices fall as bank predicts credit crunch will hit UK hardest
Jim O’Neill, chief economist at Goldman Sachs, who correctly forecast the collapse of the US property market, proclaims that Britain will be the worst-hit of the world’s economies in the fallout of the global credit crisis.
Posted by enuii @ 10:43 PM (310 views) Add Comment
2 Comments
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1. Sneaker said...
Hahahaahahha that's hilarious
Chief economist of the world's toughest firm, one of only two banks that came out on the right side of subprime.
Versus an ex-solicitor from Edinburgh.
Raw brains versus smooth talking.
Wonder who'll win.
The entrenched amateurism of the UK's political system never ceases to astound me.
2. drewster said...
It's a tie between Ireland, the UK, and Spain. Ireland's economic growth for the past five years has been based largely on construction. They had more Eastern European immigrants (per capita) than Britain, and those migrants will also head home as the Irish economy sours. Spain has similar problems of excess construction and high household debt levels. Both Spain and Ireland's treasuries have healthier coffers than the UK though, which makes the UK uniquely exposed to a triple-whammy of household, corporate, and government debt.