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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...
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Monday 18th August 2008
The British Chamber of Commerce (BCC) has warned its members that the UK is set to head into recession over the next two or three quarters with zero or negative growth expected in the next quarter and negative growth in the following two. Technically a recession is when there is negative growth for two consecutive quarters, so in all honesty that does not seem too far away.
However, on a more upbeat note (very few of which are in evidence at the moment) the BCC believe that the recession will not be as severe as the one in the early 1990s despite all of the doom and gloom mongering by the so called experts. While the BCC is confident that the economy will bounce back quicker than many believe it does still expect unemployment to top the 2 million mark for the first time in many years. It has also called on the government to be more proactive to ensure that the situation does not get any worse in the short to medium term.
It is good to see a little bit of good news in a sea of negative comments and thoughts, but the call to the government is a warning, with concern that inaction by the authorities is making the situation worse. |
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