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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Wednesday 4th June 2008
A report issued by the Nationwide has shown the level of doom and gloom in the retail market with consumer confidence at a 4 year low. The survey, which uses a points system to represent consumer views on an array of subjects, has been falling for sometime but the index fall to 69 last month has caused alarm.
It seems that the UK consumer has quickly realised that the economy is in trouble, employment positions are at risk and the cost of living continues to spiral yet higher. While many experts believe that it will take a change in the attitude of consumers to turn the UK economy around, this appears to be some way off and consumers are becoming more concerned if anything.
This doom and gloom piles yet more pressure on the Bank of England after a number of experts criticised their focus on inflation. While few expect interest rates to fall in the short term, more and more people are calling for the Bank to ignore the inflation issue for a short while and refloat the economy. At this moment in time it seems highly unlikely that the Bank of England will bow to the pressure but it is building. |
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