Sunday, Feb 08, 2009
Biggest credit binge in financial history is wrecking economy
Guardian.co.uk: Bank to issue grimmest warning yet on economy
Mervyn King will this week present the Bank of England's most pessimistic assessment yet of the outlook for Britain's economy, after a slew of official figures confirming that activity has "fallen off a cliff" since the autumn.
When the Bank's monetary policy committee reduced borrowing costs to just 1% last Thursday, it acknowledged that "the global economy is in the throes of a severe and synchronised downturn".
Posted by v stor @ 07:23 AM (203 views) Add Comment
1 Comment
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1. paul said...
Should've been a bit more careful about preventing the credit boom in the first place, then Merv.