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Realistbear

" Interest Rates Finally Bite On High Street"

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http://www.telegraph.co.uk/money/main.jhtm...nresults127.xml

Rising interest rates finally bite on high street
By Ben Bland
Last Updated: 7:39am BST 27/07/2007
Listen to Economics Editor Edmund Conway on why there is more pain to come
Are you cutting back your spending? Give us your view
A glut of corporate results yesterday showed that rising interest rates are at last starting to hit consumer demand, causing markets to tumble amid renewed pessimism about the UK economy's outlook.
Companies ranging from retailers Kingfisher, JD Sports and Kesa Electricals to
Bradford & Bingley, the buy-to-let mortgage specialist,
and insurer Legal & General all warned that five interest rate hikes in the past year are beginning to take their toll.

I was in Stratford-on-Avon yesterday and have never seen the place so empty. Hardly a tourist insight and when you consider the Japs and US/Canada are the largest numbers to visit it is little wonder. The banks were offering to exchange US$ at 2.24! IN Evesham more shops than ever were closing down in the mini-mall. Parking available everywhere.

IMO we are into recession times. The miracle is effectively dead and credit tightening is standing there with the smoking gun. What ever is Gordon going to do now as his whole legacy is vanishing like a sandlecastle in the oncoming tide.

Edited by Realistbear

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