What does the New Year hold for you?
As we move towards 2010 many people are still concerned about their mortgages, every day bills, employment and their financial strength. While the headlines in some of the financial press would appear to indicate that the recession is over, financial hardship will still follow many people into 2010 with some experts predicting a massive increase in bankruptcies for at least the next 18 months. So is the worst actually over?
If you think of the UK recession as a hurricane, true, the worst of the wind and the weather may well be over but now we have the task of clearing-up after what has been the longest recession in the UK since the 1930s. There is no doubt that lasting damage has been done to the UK economy, and the reputation of the UK government, but now we need to look at the task of clearing-up the damage and attempting to put the UK economy back on an even keel.
Those who expect a short sharp bounce back into the boom and bust cycle we have seen so many times will be sadly disappointed. It could take up to a decade for the UK economy, and the UK finances, to recover from this latest recession and there will be more pain in the shape of tax rises and public sector investment reductions to come.
Share this..
Related stories
Jaguar Land Rover reports surge in sales
Jaguar Land Rover, owned by Indian giant Tata, has today revealed that sales of Jaguar's increased by 5% last month with sales of Land Rovers rising by an impressive 45%. This is a company which was recently at the centre of a tug of war between its parent company and the UK government which refused to sanction a bridging loan when the UK car industry was at its lowest point. However, it is iro...
Read MoreUK fraud costs £600 per member of the population!
Figures revealed by the National Fraud Authority suggest that fraudulent activity in UK is costing each and every person in the country around £600. It is estimated that fraud accounts for £30 billion of losses each and every year with the vast majority coming from tax scams while around £10 billion is lost in the private sector. But how accurate are these figures? Despite the fact that the...
Read MoreJob satisfaction hits an all-time low
A report by the Chartered Institute of Personnel and Development has today highlighted concern in the UK employment market. The survey of 2,000 workers found that job satisfaction has hit an all-time low, especially amongst younger workers who appear to be more concerned about their prospects and their working conditions. It was also revealed that less than 10% of those surveyed have seen an incre...
Read MoreAnalysts believe £200 billion Bank of England injection saved UK economy
The Bank of England MPC today announced no change in UK base rates are no change in the Bank of England's policy of suspending the quantitative easing program. These announcements come as no surprise to UK economists who have heralded the quantitative easing program on its anniversary. So would the UK economy have recovered without the £200 billion quantitative easing program? Analysts are now...
Read MoreUK Economy Is 63 And Out!
After 63 consecutive quarters of growth it seems as though the boom times for the UK economy are at least over for the time being. News that economic growth between April and June this year was zero came as something of a shock to analyst with even the more downbeat forecasting a rise of 0.2%. While this fall sees the inevitable recession delayed for at least one more quarter (a recession is tec...
Read More