Thursday, September 4, 2008

Cheer up #1

Is the economic gloom lifting? Inflation and interest rates hold the key

No one needed the OECD or our depressed Chancellor to tell us which way the wind blew for the British economy. The pound had pipped them to the post, falling by 10pc in a month against the dollar. If we are not already in recession, then it's clear we soon will be. The supporting evidence for the most serious economic retreat since 1991 is mounting. Tumbling house prices are taking their toll, with mortgage approvals at their lowest for 15 years. Unemployment could top 2 million. The OECD says that Britain, uniquely among the leading industrialised nations, will fall into recession in the second half of this year. The doom-mongers at Capital Economics now expect an entire year's downturn in 2009.

Posted by drewster @ 01:16 AM (1804 views)
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2 thoughts on “Cheer up #1

  • Careful. This article was written by someone at Fidelity whose job it is to encourage people to invest in the stock market.

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  • Oil maybe down but the rest of the UK imports have just gone up 10% in a month (pounds fall against the dollar).

    The UK has no exporters to take advantage of the plummeting pound, suppose we could exports some of our ‘services’

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