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UK Facing Worst Downturn in 60 Years!

makapaaa

Alfrescian (Inf)
Asset
Finance minister says British economy facing worst downturn in 60 years
Posted: 30 August 2008 1912 hrs
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Alistair Darling</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE>


LONDON : The British finance minister has warned the country is facing "arguably the worst" economic downturn in 60 years and says it will be "more profound and long-lasting" than people had expected.

Chancellor of the Exchequer Alistair Darling also admits in an interview with Saturday's Guardian newspaper that he had no idea how serious the credit crunch would become.

Darling also concedes that the beleaguered ruling Labour Party of Prime Minister Gordon Brown is partly to blame for its own woes because it has failed to properly communicate its aims to the country, leaving voters angry.

Darling warns that the economic conditions faced by Britain and the rest of the world "are arguably the worst they've been in 60 years".

He adds: "And I think it's going to be more profound and long-lasting than people thought."

The grim economic picture presents Labour with its toughest challenge since the 1980s, when it was stuck in opposition, he said.

"We've got our work cut out. This coming 12 months will be the most difficult 12 months the Labour party has had in a generation, quite frankly," he said.

"We've got to rediscover that zeal which won three elections, and that is a huge problem for us at the moment."

As British political leaders return to work on Monday after their summer break, the opposition Conservatives have a clear lead in opinion polls.

Labour have suffered a series of electoral setbacks, the latest when they lost one of their safest seats in the country in a by-election in Glasgow East in July.

Darling's admission came after official data this month showed the British economy recorded zero growth in the second quarter of the year and a Bank of England policymaker warned this week that two million people could be unemployed by the end of the year.

- AFP/ir
 

NgEjay

Alfrescian (InfP)
Generous Asset
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</td> </tr> </tbody></table> </td> </tr> <tr> <td class="art_title_pub">The U.K. Economy: Look Out Below!</td> </tr> <tr> <td>
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</td> </tr> <tr> <td class="art_date" valign="top">09:20:00, August 29, 2008</td> </tr> <tr> <td>
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The fallout in the U.K. housing market is gaining momentum and will deliver dramatic knock-on effects for the aggregate economy. The BoE will be forced to respond aggressively.

Our U.K. housing model has been predicting double-digit price declines for some time. Alarmingly, the housing market appears to be slipping even faster than the model predicted. Yesterday's release showed that nationwide house prices plunged in August to -10.5% YoY (from -8.1% in July). Still, U.K. housing remains extremely overvalued and none of the leading real estate indicators suggest that the market is likely to find support in the coming months. In turn, the negative wealth effects will continue to mount, keeping the consumer depressed and hesitant to spend. The poor consumer outlook is highlighted by the dismal CBI retail survey for September. The financial sector will also remain under pressure as banks face a second bust in the commercial real estate market. Bottom line: The BoE will need to respond by aggressively lowering interest rates (beginning before yearend) in order to limit the fallout in the overall economy. Stay bearish the pound and overweight gilts within a global hedged fixed income portfolio.</td></tr></tbody></table>
 

DerekLeung

Alfrescian
Loyal
People are much smarter now than times back then !

Nobody is going to spend on shitty homes that are over-priced, volatile market forces, uncertain worth of property , shitty loans.

Stagnant salaries that are not rising any faster in the forseeable future with inflation that seems not proportionate to the sale prices of apartments !


Lets put a full stop to the greed and ambitions of PAP !

Even FTs cannot save them now ! Ask me and I show you a plan !
 
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