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Recession in UK by Horst Friedrichs
Britain’s economy has been hard hit by the world financial crisis, with rising unemployment, falling house prices and a slumping pound. There was a time that it appeared to be an easy call. Amid the seemingly unstoppable prosperity and gleeful spending of recent years. No-one was making any real money, but they were all spending it. Boob-job, chocolate fountain set, cuddly toy, garden furniture . . .
Britain’s economy has been hard hit by the world financial crisis, with rising unemployment, falling house prices and a slumping pound. There was a time that it appeared to be an easy call. Amid the seemingly unstoppable prosperity and gleeful spending of recent years. No-one was making any real money, With light-touch regulation and tax-breaks that made the London Square Mile an uncommonly attractive place as a global financial centre. A communique from 20 world leaders ended a frantic age of excess in the Square Mile - and raised the spectre of it losing pre-eminence as a global financial centre. Offices stand empty after the collapse of banking giants such as Lehman Brothers and Bear Stearns and a wave of redundancies in banking, construction and retail has taken the jobless total to almost 2 million, the highest for 11 years, and that figure will almost certainly get much worse. Capital Economics predicts the number out of work will almost double over the next two years to 3.5 million in the UK. Even those who do not lose their jobs are affected by the fear factor, which is making households less inclined to spend money.This is one of the problems that led to the sudden collapse of Departmentstore Woolworths and others. The Royal Institution of Chartered Surveyors is expecting a fall in house prices of 40% .The number of home repossessions has almost doubled in a year, with one family losing their house every seven minutes. Britain's economy will be the hardest hit in the developed world in what is expected to be the deepest recession since the second world war.
