Thursday, January 24, 2008

Output has fallen by 6% since Q1 2007

The Scotsman

PLUNGING stock markets and credit crunch effects have hit Scotland's financial services sector hard. And some economists warn that the sector is now formally in recession. The sector output fell by 3.4 per cent in the third quarter of last year according to Scottish Government statistics.

Posted by scunnered @ 07:16 AM (686 views)
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5 thoughts on “Output has fallen by 6% since Q1 2007

  • Clearly every Scotsman staff member has just gotten rid of their last BTL, such bearish articles were banned in this rag until recently. Is Edinburgh in for a long overdue correction in house prices such as the rest of the UK?

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  • An Bearin Bui says:

    Could it be that…the housing market…. in Edinb…. no, no, not Edinburgh, surely? Could it be that maybe house prices… could … maybe, just maybe… I don’t know …. DROP???? IN SCOTLAND?? Surely not in Edinburgh? I mean house prices NEVER fall in Edinburgh. Edinburgh’s a special case because land is constrained (in one direction out of four at least) and the financial sector is very strong – oh except this article says it’s weakening. Oh. Well, I’m sure the wave of cash-rich foreign buyers the Scotsman was promising us a couple of weeks ago will materialise soon. Yep, that’ll rescue the market. That and interest rate cuts.

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  • japanese uncle says:

    Excessive dependence on financial business will severely destabilize the local economy. 5000 job losses in financial industry (a reasonable estimate) in Edinburgh will eventualy develop into 30,000 job losses, with devastating impact. Affordability constraint will trigger sharp decline in prices, from a pint to B&B price, etc, etc.

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  • Structural unemployment. And I am sure this is what will follow for the SE England where the the SE Economy is directed by the performance of the financial services job market. The knock on effect being experienced in areas such as restaurants (so many eateries are opening all the time).

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  • Who Stole My Pension? says:

    Edinburgh house prices will hold as they have all the MP there and they get paid load of money!!!!!!!!!!!!!!!!!!!

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