July 21, 2008

Now the UK is heading for recession

It was only last week when we heard reports that the UK economy could be strong enough to miss going into recession. Now in contrast to that report an interview with a member of the Monetary Policy Committee, who are the group that sets the Bank of England interest rates, has come up with a stark warning?

It seems that the people who should be in the know, have figured out by crunching the numbers that the UK will in fact be heading into a recession and in fact it could be one of the worst recessions in recent history.

The last recession was in the early nineties, but despite all of the good talk that is attempting to stop people from thinking about it, we could already be in a recession. So perhaps now is the time for action, no matter how painful this action is, surely it has to better than a full-blown recession.

Source [Sky]