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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 25th August 2008
He is a man of few words in public but news that Charles Bean, the deputy governor of the Bank of England, has compared the current slowdown to that seen back in the 1970s is worrying in itself. However, on a more general note he has suggested in the strongest terms that the current economic slowdown which the world economy is feeling is likely to ‘drag on for some considerable time’.
This is not what investors and the UK population in general wanted to hear but it is the blunt truth in what has been, and continues to be, one of the more worrying episodes in history of the modern world. Even though oil prices have fallen of late they have still injected a massive dose of inflation into the system at a time when few can afford price increases. Employment will be the next concern with substantial job losses to follow in due course and push the unemployment figure to over 2 million.
The UK is a mess but this is replicated around the world, however one concern specific to the UK is the fact that the public purse is empty. As countries such as the US look to inject government funding into the system the UK does not have that option. |
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