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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Sunday 3rd August 2008
Next Saturday will see the anniversary of the start of the credit crunch and there are real concerns that the City is entering something of a depressed stage. Historically the square mile has not been too good at handling anniversary dates with the start of the 1987 crash a day many still remember and note in their diaries. So will the anniversary kick off a further period of depression or will traders seek to draw a line under the situation?
The chances are that the anniversary will be a period of reflection on what is turning out to be one of the darkest periods in the UK economy for some time. We are still in the middle of the situation as we speak and nobody has any idea when we may see an upturn. While some of the more experienced heads in the City will have seen something of a similar situation earlier this century, many of the younger traders will be learning on the ground so to speak. How often do you get a situation where the economy is literally dying a death and inflation is rampant?
It will be interesting to see the feedback from traders before and after the anniversary but unfortunately, as much as many would like to draw a line under the situation, there seems little chance of a turnaround in the short term. |
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