British Chamber Of Commerce Warns Member Of Recession
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.
Share this..
Related stories
Have the G20 cried wolf once too often?
After yet another G20 get-together we now have yet another call to arms and a promise that billions upon billions of dollars will be pumped into the worldwide economy. We also have certain promises regarding the banking industry, remuneration and bonuses and while in a perfect world this would give confidence to stock markets around the world, the impact of the announcements has been muted to say...
Read MoreStandard and Poors downgrade UK outlook to negative
Renowned credit rating agency Standard and Poors has today downgraded its rating on the UK to negative. This means that the credit ratings agency believes that the UK economy is in danger of weakening in the short to medium term which could lead to UK debt ratings being downgraded. This is a significant blow for the UK government as the authorities will require further funding which will increase...
Read MoreCompany fraud on the increase
In a worrying turn of events it has been revealed that a record number of company directors from insolvent companies have been disqualified for financial crime. It seems that not only are the scammers and the fraudsters on the increase, but corporate embezzlement and other similar activities have mushroomed over the last few months. As more and more directors and employees become more and more des...
Read MoreUK Banks pledged to reform bonuses
Barclays, HSBC, Lloyds bank, Royal Bank of Scotland and Standard Chartered have today entered into an agreement with the UK government which will see them abide by the new Financial Services Authority rules on remuneration and bonuses. This would appear to be a direct consequence of the recent G20 meeting at which banks remuneration and banking bonuses were heavily discussed. So will this agreemen...
Read MoreIs The UK In Recession?
While officially speaking the UK is not in recession, in reality the economy continues to nose dive with disastrous consequences. News today has shown that not only are house prices under severe pressure but there is evidence of panic selling with sellers lowering their prices in order to try and force through a sale - never mind a quick sale!
News that just 14% of surveys are actu...