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| Britain |
| BCC: UK could face another recession |
| 2010-05-31 |
| [Iran Press TV Latest] The British Chambers of Commerce has warned that the crisis-hit eurozone could drag the United Kingdom into another recession. The British Chambers of Commerce (BCC) said in its quarterly forecast on Sunday that the country's fragile economy is facing growing pressure from the crisis in the eurozone. The BCC said in the report that unemployment will continue on its upward trend in the next 12 months. It added that the growth forecast for this year will increase from one to 1.3 percent but it has decreased its perdition for 2011 from 2.1 to 2 percent. David Kern, the BCC's chief economist, said "markets have rallied a bit but things do not look good." "The euro will not disintegrate next month or maybe even next year, but the long-term prospects are not good. I think there is a good chance Greece could default", he added. The business group called on the government to devise a credible plan to cut deficit and enforce a freeze in the total public sector wage bill. The BCC, however, warned that if the government was to further tighten the fiscal climate beyond the GBP 6 billion already announced by the Chancellor, George Osborne, it should be implemented "only when the recovery is definitely more secure." "If they implement more than £6bn this year we risk the recession coming back," Kern said. |
| Posted by:Fred |
| #4 Besides that LACK OF $$$ = GREATER-AND-DECADES-LONGER-THAN-1929 GLOBAL RECESSION/DEPRESSION universal thingy. |
| Posted by: JosephMendiola 2010-05-31 21:25 |
| #3 ION WMF > CHINESE EXPERTS: UK IS NO LONGER AN INDEPENDENT MILITARY OR NUCLEAR POWER. OTHER THAN THE US, BRITAIN MUST NOW HEAVILY RELY/DEPEND ON COOPERATION WID FRANCE FOR THE EFFEC NUCLEAR SECURITY OF EUROPE + ITS OWN INTERNATIONAL INTERESTS. IOW, IIUC Britannia must depend on FRANCE to deter and or defend agz the RISE OF EURABIA, LONDONISTAN, ETC. |
| Posted by: JosephMendiola 2010-05-31 21:21 |
| #2 Another? When did the last one end? |
| Posted by: Barbara Skolaut 2010-05-31 19:20 |
| #1 "The euro will not disintegrate next month or maybe even next year," Now there's a bet I wouldn't mind taking on. Give me 10/1 and you've on. A guaranteed method of telling when a business is ready to implode is when insiders are getting rid of their liabilities and grabbing assets like cashed up shoppers at a knock down sale. From Spiegal Online (German site) http://www.spiegel.de/wirtschaft/soziales/0,1518,697489,00.html French banks are offloading their Greek bonds onto the ECB, whilst German banks are bound by an obligation given to finance Minster Schäuble to hold on to such papers till May 2013. This will leave french banks sanitized and the German banks and ECB with a worthless toxic assets. Reminds one of '71 when France nearly cleaned out Fort Know, by handing over overinflated surplus US dollars for gold, thus bringing an end to Bretton Woods. |
| Posted by: tipper 2010-05-31 18:24 |