Wednesday, July 23, 2008
Economic gloom and financial worries have permeated the public consciousness.
The weakest areas of the UK economy – banks and house builders - are already in a recession, Andrew Kelly of the Cartesian UK Opportunities fund has said. Speaking after the HBOS rights issue flopped and with the monthly total of construction layoffs above 5,000, Kelly said it was now just a question of who would follow. ‘Sectors of the UK economy are already clearly in recession, it is really now a question of when the sectors under pressure will recover,’ said Kelly.