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This week's announcement of the Marks & Spencer sales figures for the Christmas and New Year period is set to disappoint the market and will be accompanied by a rumoured 1000 job cuts. Those...
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Friday 22nd August 2008
After 63 consecutive quarters of growth it seems as though the boom times for the UK economy are at least over for the time being. News that economic growth between April and June this year was zero came as something of a shock to analyst with even the more downbeat forecasting a rise of 0.2%. While this fall sees the inevitable recession delayed for at least one more quarter (a recession is technically called when economic growth is negative for two quarters in a row) the next two quarters are almost certain to slip into negative economic growth.
Overall growth for the year has now fallen to 1.4% against forecasts of 1.6% although again this will fall further over the next two quarters at least. This lurch downwards is sure to catch the headlines of the financial press and heap yet more pressure on the battered UK work force. As the economy weakens further this is sure to be an increase in tensions between the unions and employers with an inevitable increase in the already significant number of strikes across the UK.
It is a little too early to say whether the downturn is speeding up but the signs are not good and all eyes will be on the Bank of England over the next few months in the hope they can bail the economy out. |
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