Recession, recession, recession
As each week goes by and each new set of economic statistics hits the headlines, it increasingly looks like the UK is doomed to slide into another recession. The Independent reports that the British economy saw just 0.2 percent growth in the second quarter of 2008 and the financial services sector, which accounts for over a quarter of the UK’s revenues, grew by only 0.1% over the same period.
As the article points out, the best we can realistically hope for from the next year or two is a stagnant economy, but even that looks somewhat optimistic. How bad is it going to get? Who knows? For every pundit telling us that things won’t be too rough, there’s another saying that the siutation is dire and we’re on the brink of the worst financial crisis since the Great Depression.
The one thing we’ve learned from following these issues over the past couple of years, it’s that the experts who are routinely wheeled out to comment in the media are no better at predicting how things are going to play out than any well informed casual observer.