The BBC reports today that the start of recession in the UK has now been pronounced:
The UK economy has “deteriorated dramatically” in the past three months, and is already in a recession, top forecasters have suggested.
The Ernst & Young Item Club says the UK [economy] will shrink by 1% next year, before recovering in 2010 and growing by 1%.
The Item Club’s chief economist, Peter Spencer, told the BBC: “Recession is already baked in the cake.”Read more here.
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One Comment
I took my car in for servicing today at our local Skoda dealer. It is normally a challenge to squeeze the car onto their car park – today it was 2/3 empty. Their sales side has collapsed in recent weeks. One of the staff was telling me about another local dealership which was trading as normal last Monday morning – by Wednesday afternoon the site had been cleared !!
Oh, and the very long-established pub across the road closed [without notice] this morning.
Over in the real economy things are very, very grim – and there’s a huge resentment growing over the banks being singled out for bail-out.