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HSBC Warns That We Have Not Seen The Worst Of The Downturn

Analysts at stock broking giant HSBC have advised their clients to baton down the hatches as the UK economy is set to get very much worse before it gets better. In a move which will shake many of the optimists who thought the worst was over for the UK, HSBC believe that a number of knock-on affects are still to hit home.

HSBC believe that the price of oil, higher consumer inflation and the weakening pound will all lead to a period of further economic uncertainty, something which will be compounded by the disappearance of affordable credit for the banks and consumers alike. When you also throw in the expected fall in property price prices over the next 12 months there does not seem to be an awful lot going for the UK at the moment.

Contrary to a number of oil experts, HSBC see the oil price remaining at or around the current levels for some time as demand continues to rise from emerging markets. If HSBC a proved correct in its reading of the oil market then a number of experts will be revising their forecasts for the UK economy over the coming months.

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