Thursday, September 27, 2007

Risk of lower economic growth and a housing slowdown

OECD warns UK outlook more ‘uncertain’

The Bank of England should be poised to cut interest rates because of the risk of lower economic growth and a housing slowdown in the wake of recent financial market turmoil, the Organisation for Economic Co-Operation and Development said in a report on Thursday. It said lower growth and reduced profitability in London’s financial district due to the credit squeeze, were likely to lower the government’s tax take and lead to a rise in the budget deficit, which it said was “still high by international comparison.”

Posted by dohousescrashinthewoods @ 12:52 PM (762 views)
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3 thoughts on “Risk of lower economic growth and a housing slowdown

  • Stagflation?

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  • japanese uncle says:

    Full-scale run on a major British bank for the first time in nearly a century revealed to the world, the nature and magnitude of potential crisis. From now on international investors will see what will be happening in the UK in such context, i.e with 120% suspicion about the true strength (or weakness) of the British economy.

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  • Does anyone really care what the OECD thinks anymore ?

    They are rarely right about anything and constantly have to ‘revise’ (or more often ‘reverse’) their previous forecasts following events that they failed to foresee.

    We all Know what they would like us to do, and no longer suffer from delusions that whoever ‘Governs’ us can do anything but bend over as requested anyway.

    PS. Being based in Paris dosn’t fool anybody either.

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