Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Britain on brink of recession as economy shrinks by 0.5% – the worst figures for 18 years

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Nicola Boden and Sam Fleming
UK Daily Mail
Friday, Oct 24, 2008

Britain is officially on the brink of recession after new figures revealed the economy has shrunk for the first time in 16 years.

Output dropped by 0.5 per cent between July and September in its biggest decline since the end of 1990 when the country was emerging from the last downturn.

The scale of the slowdown astonished economists who had predicted a reduction of less than half that at 0.2 per cent.

It means the UK is almost certain to be in a technical recession, classed as two quarters of negative growth, by the end of the year.

Shares plunged again after the data was released, having already shed more than five per cent in early trading amid warnings the downturn could be the worst for 50 years.

(Article continues below)

  • A d v e r t i s e m e n t

The FTSE-100 dropped to be almost nine per cent down. The pound also fell to a new low of $1.55 due to speculation rates will have to be slashed more than expected.

There were also huge losses in Asia overnight as fears of a global recession intensified.
HSBC and Standard Chartered were among the worst affected stocks in the UK today because of their heavy involvement in emerging markets.

The last time the economy shrank was back when Tory Prime Minister John Major was in power and before the Black Wednesday plunge.

Full article here

This article was posted: Friday, October 24, 2008 at 3:53 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

Raheem Kassam: Sh*thole London See the rest on the Alex Jones YouTube channel.

Germans Being Mass Brainwashed by TV to Submit to Islam See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/bcPVfa76Qig https://www.youtube.com/embed/kYmTFL9nbRQ

© 2018 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.