Friday, Jul 25, 2008
Recession here we come.....
BBC News: UK economic growth slows sharply
''...The UK economy grew 0.2% in the second quarter of the year, as the credit crunch took its toll on housing and consumer spending. The figure is the lowest quarter-on-quarter growth for three years...''
Posted by hpwatcher @ 10:23 AM (414 views) Add Comment
2 Comments
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1. mark said...
I see Cheshire Building Society are closing branches and giving redundancies to staff...
2. paul said...
"Alan Clarke, at BNP Paribas, said: "Growth has been much worse than (the Bank of England) expected. What really counts is what that does to the two-year ahead outlook for inflation."
Gaah. Why do people fall for the 'two year ahead inflation outlook' wheeze? All that is is a way of negating current inflationary pressures.
Do you ever hear the MPC saying "Well, although inflation is low now, we're going to raise rates because the inflationary outtlook in two years is much higher". No? Now you know why.
It's preceisely because the MPC has been making excuses about long term outlooks that we are in the current stagflation fix.