Sunday, Aug 10, 2008
Happy anniversary darling, I'm writing to tell you that the economic outlook is poo.
The Observer: It's worse than we thought, admits CBI. Letter warns of 'darkening mood' in the economy.
Leading employers' organisation the CBI will this week perform a significant U-turn and warn its members that the economy is deteriorating at a faster rate than it had predicted. As recently as June, Richard Lambert, the CBI's director-general, took a relatively optimistic view, saying we should avoid talking ourselves into recession. But in a letter to mark the first anniversary of the credit crunch, he writes: 'There is no doubt that the mood has darkened in the last two or three months,' and warns that growth prospects for next year and 2010 'look no better than anaemic'.
Posted by mytimeisnigh @ 09:47 AM (825 views) Add Comment
5 Comments
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1. Eternal Sceptic said...
If the diagnosis was anaemic, I suggest the patient gets a referral to another consultant!
2. paul said...
Not convinced yet that the current talk of an economic slowdown isn't just the BoE trying to "shape expectations" (read "put out propaganda") to stop people from trying to claim pay rises to combat the spiralling costs of living.
All because of the BoE's lax monetary policy and the BoE being asleep at the wheel on inflation.
3. taffee said...
boe only had one job...once a month decide on interest rates...and they couldn't even get that right.
history tells us the outcome of cheap money....what were they thinking???...did they have a vested interest in the property bubble continuing.
4. plato said...
taffee said :- "did they have a vested interest in the property bubble continuing."
To be sure. Along with multi property-owning MPs. Lack of ethics,downright deviousness, absence of honesty,lack of responsibilty,abuse of position and not least of all --- Greed.
Any more reasons welcome.....................
5. stillthinking said...
"the mood has darkened"
Recently a lot of economic comments sound like Gandalf prognosticating. You can spot them everywhere.