Tuesday, August 26, 2008

Back to the 70s

Economy 'as bad as the Seventies'

The new Deputy Governor of the Bank of England warned that the financial situation was at least as bad as that of the 1970s. Charles Bean said that the slowdown may "drag on for some considerable time" and that social problems could be caused by the squeeze on household incomes. Vince Cable, the Liberal Democrat Treasury spokesman, said that the economy was in "free fall". A survey published by the price comparison website uSwitch warned that disposable incomes had fallen in cash terms for the first time since 1997, dropping by 15 per cent since last year to an average of £14,520.

Posted by dohousescrashinthewoods @ 05:52 PM (2234 views)
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4 thoughts on “Back to the 70s

  • japanese uncle says:

    In the 70s, this economy was not riddled with nearly the same level of debt as now. Moreover in those days UK still maintained some edge in the manufacturing sector, Vauxaul and Rover and Aladdin heating stoves (quite reliable products which my family was using in the 70’s back in Japan). British fishing industry had enough vigor to provoke Cod War. So things were much worse than the 70s.

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  • japanese uncle says:

    Sorry correction

    Things are much worse than in the 70s.

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  • Its way worse, more debt, no manufacturing base.

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  • his story vince cable cod plaice

    party polotics is a distraction

    protocols

    silent weapons

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