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Will the UK economy benefit from the current shakeup?

As the UK economy literally goes from bad to worse there are some economists suggesting that a serious shakeup of the UK economy has been on the cards for some time. Over exuberance and a massive buildup of debt have been the catchwords of the last decade and many analysts believe "chickens are coming home to roost".

There is no doubt that the last decade has seen record debts in the UK, a housing market which was out of control, a difficult inflationary situation and a rising cost of living. With the best will in the world there was no way the situation could continue indefinitely without causing major problems for the long-term prospects of the UK economy. While the potential for up to 3,000,000 people to be placed on the unemployment list is a disaster in itself the UK economy should finally exit this current downturn stronger and leaner than ever before.

However the short-term price for many of the UK population is expected to be way above an acceptable level and many people will struggle for many years to come. The credit crunch which began in the US will leave a lasting legacy in the UK.

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