European Union ministers cast doubt on economic recovery
EU ministers have today cast doubt on any significant potential for recovery in the European economy before 2010. While only three months ago the EC was predicting a fall of 1.9% across-the-board for the European economy, and growth in 2010 the region of 0.4%, these figures have been severely downgraded of late.
The EU now expects the Eurozone economy to fall by 4% this year and by 0.1% next year although they do feel as though economies will start to recover in the latter stages of 2010. These figures are significantly worse than those released by Alistair Darling with the recent UK budget and again cast doubt on the "rose tinted glasses" scenario being forecast by the UK authorities. Both Alistair Darling and Gordon Brown have placed their reputations on the line by issuing their more upbeat forecasts for the UK, going against the vast majority of third-party reports.
While the ongoing swine flu issue may well offer UK authorities a "get out clause" with regards to their upbeat forecasts there is a feeling that many voters and business people in the UK have already seen through the smokescreen. However, if by magic these figures turn out to be correct then Gordon Brown and Alistair Darling may be on the verge of pulling off one of the most audacious recoveries of all time.
Share this..
Related stories
How quickly will UK interest rates reach 0%?
As the UK recession gets deeper and deeper many economic experts are predicting UK interest rates will reach 0% in the first part of 2009. The government has nearly exhausted all other options in an attempt to refloat and replenish the economy with literally hundreds of billions of pounds already spent with very little impact as yet. Savers are struggling to survive on their incomes having seen in...
Read MoreAirline industry under more pressure
In an amazing development bookmaker Paddy Power has begun to take bets on which airline will be next to fall by the wayside. The well-known bookmaker has slashed the odds on Monarch, a privately owned Swiss airline, from 50/1 to 4/1 making it the favourite to fall by the wayside in the short term. However, the company has denied any financial trouble and criticised Paddy Power for running a book o...
Read MoreConsumer confidence hit by June hike
Consumers' optimism has been hit by widespread expectations of a further rise in interest rates this month, Nationwide says.The bank's monthly consumer confidence index has dropped four points from its 18-month high in May, which reflected a wider buoyant mood on the high street for both retailers and shoppers alike.Its overall index fell back to 95, as did the expectations index which is down to...
Read MoreHome repossessions fall to eight year low
12/02/2015 The number of homes repossessed by lenders in the UK has fallen to an eight year low, according to The Council of Mortgage Lenders (CML). The CML has reported that repossessions have fallen by 26% to 21,000 in the last year. Mortgage arrears have also fallen to their lowest rate since 2006. The improvements are thought to be because of the rising levels of employment in the UK a...
Read MoreHas Cadbury found a white knight?
The situation with Cadbury is shrouded in even more mystery this evening with a suggestion that any bid from Ferrero would need to be a friendly offer backed by the Cadbury board. In simple terms, if Ferrero and Cadbury can agree a price then Cadbury may well have found a white knight to fight the oncoming giant which is Kraft foods. But is it really that easy? Before Cadbury shareholders start...
Read More