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UK economy heads for ‘horror movie’
David Smith and Dominic O’Connell
London Times
Friday, July 18, 2008
BRITAIN is facing an “economic horror movie” because of a “toxic mixture” of a moribund credit market and volatile oil prices, according to a leading forecasting group.
The Ernst & Young Item club, which uses the Treasury’s economic model, will argue in a report tomorrow that the economy will struggle to avoid recession. This comes as a survey by the Institute of Directors shows that business confidence has slumped to the lowest level ever recorded, with company chiefs increasingly gloomy about the investment climate.
These reports follow an interview with Alistair Darling in which the chancellor admitted the downturn would be more “profound” and last longer than he had expected.
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Also, Sir Win Bischoff, chairman of Citigroup, the American financial giant, believes that house prices in Britain and America will keep falling for another two years.
The Ernst & Young Item club predicts growth of only 1.5% this year, slowing to 1% in 2009. It says consumer spending will slow to a standstill, rising by only 0.2%, and forecasts a two-year drop in investment.
It also warns that the chancellor’s budget strategy has been thrown into “turmoil” by the downturn and an unplanned £2.7 billion tax giveaway. It predicts the budget deficit will top £50 billion and the “current” budget deficit, used to determine the golden rule, will remain in the red for at least the next three years.
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12 Responses to “UK economy heads for ‘horror movie’”
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July 20th, 2008 at 6:16 am
Well it’s nice ta know it’s happening over there also, just goes ta show that “like America” seem’s their NOT so smart either. LMAO!!!
July 20th, 2008 at 7:37 am
Most people in the UK are just as dumb as the yanks, and bought houses with money they don’t own.
It’s exactly the same ploy. It’s not time to be smug and go “Oh look the Europeans aren’t better than us”. IT’s time to go “Oh look, they are being fucked just like us”
July 20th, 2008 at 11:03 am
lol
July 20th, 2008 at 11:42 am
Thanks guys, I live in the UK but wouldn’t laugh at you lot in the US getting screwed – which is happening over there too. Being ’smart’ or ‘dumb’ has NOTHING to do with it in either country. This situation is designed to f*ck us all, regardless of intelligence. People are struggling to pay the bills as our wages are poor and the market has been flooded by cheap labour from eastern Europe. We are all in the same boat US or UK so please show support for your brothers and sisters across the pond. Hard working people with families who want to live a peaceful life and enjoy what little time and money they have. The system has lied to them and lulled them into a false sense of security. And as for those who have this fantasy of buying food supplies and living in a homemade bunker – its not going to happen. There will be no hiding in the battle to follow soon.
July 20th, 2008 at 1:05 pm
All this “horror movie” propaganda is getting out of hand. The last Great Depression was a scam and so will the next one be, if there is one. The matador waives the flag and fools the bull – and we are watching the gyrations of the numbers for this fictitious money-system as if it were all real. If it all goes to “zero” tomorrow, what would have really changed in the world? Nothing – dollars and pounds are nothing but blips on a computer screen.
Of course if you’re stupid enough to get into debt, then those little blips will mean your enslavement to the nerd who pushed the computer button and gave you all that money. Make sure you saved enough of those pieces of paper to pay for the bankruptcy filing.
July 20th, 2008 at 5:22 pm
RED, show’s how smart you are, as its they’re NOT their. Anyway, what does it matter? we’re all screwed regardless of where we come from or what flag we wave! Now I’m not too sure about this NWO stuff that you people like to talk about, but I do know my onions when it comes to fiat money, the creation of which is also the creation of debt. Listen to Jimbo, the whole central bank system is run in such a way as to ENSLAVE you regardless of what your credit rating is! You pay taxes don’t you? And we all know that they pay for nothing, no goods or services, only to go towards servicing the national debt. So we’re all debt slaves before we even begin, we’re stuck paying for some idiot politician’s overspending for six months in every year, nuff said… Still feel superior now, Red?
July 21st, 2008 at 12:07 am
woo hoo bring down the system, bring down the lights, bring down the internet, it gonna be alotta fun fighting for our lives. woo hoo, lets hear it for Elijah.
July 21st, 2008 at 12:52 am
The UK is a social and economic toilet needing a big flush. The past 11 years of the Labour government have set new records for lying, debt, deceit and piggish behaviour. Now the days of reckoning are here: all the slappers need to pay their credit cards bills, the welfare takers with debt-bought housing empires need to pay up, and the drunken thugs need to get down to real work. Gonna be fun!
July 21st, 2008 at 2:33 am
Jimmy, if it “all goes to zero” what happens is that you go to your bank and they don’t give you any money. If your OK with that, fine. Just wait a few months and then go to the store for food and you will find that bread costs 500billion dollars. If you grow your own food, or you are OK with standing in a bread line, fine. However, I would not consider any of these conditions as “no change” in the world.
Perhaps you live in a monastery or you are Amish. Just remember, the hungry masses might just come a “knocking” for your supplies.
You are right in spirit however. For example, if the government stopped bailing out Wall Street and issued credit to banks directly (like the Constitution says it should), we would be able to build our country back up and perhaps many would not feel the hit as much.
July 21st, 2008 at 5:01 am
Hey! I have an idea? how come you guy’s don’t march on your government? ya know a revolution.
You rant at the American’s, on here—–overthrow your government! march on Washington, TAKEOVER!!! maybe you Brit’s should put your MONEY where your mouth is and follow your own advice. BUT YOU GUY’S AND GAL’S WON’T DO IT EITHER!!!???
Just a bunch of whinner’s! LMAO!!!
July 21st, 2008 at 4:58 pm
welcome to the NWO EU members!
January 7th, 2009 at 5:15 am
I just returned home after a UK visit when the pound hit near parity with the Euro. It was a good bargain opportunity for me a Euro earner and I left (Fled?) with a shiny new MacBook at a third off the Eurozone price.
It was shocking to see the overall decline and the level of media brainwashing. The Winter sale was really a closing down sale as everything they are fire saling now cannot be replaced at the same prices leading to a disastrous drop in consumption which is 50% of GDP.
The UK has debts of 500% of GDP and consumer meltdown is a GDP meltdown than even without adding more debt it suddenly jumps after correction to between 700-900% of GDP. This is failed nation terrority which is too scary for the citizens to come out of denial about.
In such a situation, there will be a panic and public hysteria which means that marshall law will be used. Consumption is going to meltdown by late February (6 weeks away). 45% of all bank deposits by savers is held by foreigners who faced with losses and drastically reduced interest payment will be forced to head for the exits.
The obvious thing for the Brits to do is to use any uptick in the pound and buy Euros for the short term which at least pay interest. The reaction to is that this amounts to unpatriotic treachery as the Europeans “can’t be trusted”. This attitude strangely avoids self-preservation and appears to be a message that is post hypnotically replayed from Rabid tabloid newspapers.
The UK, US and Europe are in the frying pan here and it’s really a matter of who falls in the fire first. Nobody but the ruling elite can afford to feel smug about this and people need to wake up and concentrate on self preservation and looking after their families.