Wednesday, Aug 05, 2009
The Recession is actually MUCH worse than people think
Spiked Online: It’s time to get real about the recession
For Britain there is no such thing as going ‘back to business’ as usual. Over the past 10 or so years, financial services were the motor for the British economy, and that is simply not going to come back in the same way. Public spending is now in deep crisis, partially, at least, because of the loss of revenue from the financial services sector and the money that has gone into propping up the banks.
Posted by c'mon correction @ 11:19 PM (450 views) Add Comment
3 Comments
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1. little professor said...
2. mrmickey said...
You can throw in the pot the fact that North Sea Oil is running out, North Sea Oil allowed Thatcher to fund the distruction of British Industry & the rise of the service sector, without the oil and the banking sector we really are screwed. I believe we haven't had rioting yet because a good chunk of the population either work for the state or are living on some sort of state funded hand out. Speaking to friends working in the shrinking private sector things are looking pretty grim.
3. alan said...
Really funny video from LP.
On the ground, the debt defaults on cards and mortgages are getting worse. There is a lot of pain out there which isn't reflected in the HPC website. I guess indices are easier to understand.