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Report suggests Britain is teetering on the brink of recession

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A survey of more than 5000 UK businesses has led to the conclusion that Britain is at the very edge of a recession. Businesses across the countries have been reporting a "alarming" declines in orders, increases in job cuts, and less investment, which all points towards the word that analysts have tried to avoid using.

David Frost, head of the British Chambers of Commerce, said: "These results show a real risk of recession in the coming months. This is deeply worrying, not just for business, but for the consumer too, with both manufacturing and services reporting negative results. The temptation for the government will be to raise business taxes in the next pre-budget report because the exchequer is running out of money. This would be a catastrophe."

The news of the report seems to have spooked the markets, with the London stock exchange losing 154 points just in the morning. David Kern, an economic adviser to the BCC said the survey shows a "menacing deterioration" in UK prospects. "The outlook is grim, and we believe that the correction period is likely to be longer and nastier than anticipated."

Looks like we could be in for a rough ride, do you think the public are fully clued up on the potential scale of the economic meltdown?

http://www.guardian.co.uk/business/2008/jul/08/marketturmoil.creditcrunch1
phillyharper

5 responses // Report suggests Britain is teetering on the brink of recession

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    Hey Britain, how's it going, its United States. You guys are always copying our styles, first it was the Beatles copying Little Richard, then it was Burger King copying McDonalds, now its recession?

    Get your own stuff dudes.

    joshuaheller
    1 response to this
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    Soon the Ozzie dollar will be equal to that of the US dollar, and hopefully the British pound as well... here is to a strong economy... inflation is a different story.

    UWAZell
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    The big 'R' Recession is one word the British are trying hard not to mention let alone allow in the everyday dealings right now. But try as they will there seems no evading the inevitable correction the economy needs to regularize things. The is no way it won't come to pass cos how can an economy function adequately when new entrants into the house market are non existent, the building industry is laying off skilled builders cos supply has grind to nil. Then there is the whole setup of the New British economy that for decades has shifted from core manufacturing to service which now accounts for 5/6th of total.
    So I believe when 5/6th of an economy is stagnated the correction has to take place before growth can commence.
    Only hope after the 'Storm' this time around the wealth creating greed won't be too encompassing.

    jhydo
  •  

    bring it on!

    matlaroche

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