Are we in Recession?
Category: Economy. Date published: 19/10/2008
Mervyn King, Governor of the Bank of England, is due to make his speech this week which provides his much awaited outlook for the UK economy. The GDP figures due this week are also tipped by many, including Ernst & Young Item Club, to acknowledge that Britain is in recession already.
The first reading of the GDP figures for Q3 this year happens this Friday (October 24th) and the anticipation is that these figures will clearly show recession. Previous figures for 2008 in April and then later in June showed a sharp halt in growth and figures for October are expected to show decline. If the analysts are right then expect more media mayhem as this will be the sign of official recession - the first in the UK for 18 years.
Moneycloud believes the analysts are right and we are due to publish many articles over the coming year about how we can tighten our belts and plan for the year ahead.
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