 UK economy |
| Search News |
|
|
| Find an IFA |
|
|
| Financial News |
|
| UK Spotlight |
Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
→
Read More
|
|
| Disclaimer |
| Financialadvice.co.uk adheres to the Financial
Services and Markets Act 2000. This site contains only factual and
readily available public information. |
|
|
| |
|
|
|
|
Friday 15th August 2008
Britain's oil capital is continuing to enjoy an economic boom - while the rest of the country struggles in the credit crunch.
Aberdeen, where much of the UK's oil executives are based, is not experiencing the falling house prices and rising repossessions found elsewhere.
By contrast, luxury goods and services continue to experience growth, Sky News reports.
This is because of the unusually high cost of crude oil - which hit an all-time high of $147 per barrel earlier this year and continues to trade at around $120.
Stewart Spence, owner of the upscale Marcliffe Hotel in Aberdeen, said: "[The city] is basically all about energy and the price of oil worldwide means more employment and exploration, which all comes back to the city.
"People's spending habits haven't changed at all [due to the crunch]. Customers are still asking for the best wines and the lobster."
Local restauranteur Didier Dejeun added: "All the oil executives and their families are based here, they have to spend their money somewhere and they spend it in Aberdeen.
"There is no limit to how much some people will spend. They arrive at the restaurant in their Ferraris and their Bentleys and order champagne."
|
→ Full UK economy News Archive
→ Return to Homepage
|
|
|
|
| Other top stories in this section:
|
|
|
|
