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

Economy Is ‘Already In Recession’

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

Sky News
Monday, Oct 20, 2008

As a panel of experts warns the economy is already in recession, new figures reveal mortgage lending has slumped to its lowest level for more than three and a half years.

The Ernst & Young ITEM club, which uses the Treasury’s own model for its prediction, says the credit crunch will hit the UK “very hard”.

House prices will be 14% below their 2007 peak by the end of the year and tumble a further 10% in 2009 before stabilising in 2010, it added.

The gloomy forecast comes as official figures, out on Friday, are expected to show the first quarter of economic contraction since 1992 between June and September.

(Article continues below)

The ITEM club says the economy will shrink for three further quarters before hitting rock bottom in the second half of next year.

  • A d v e r t i s e m e n t

It says there could be a weak recovery in 2010.

Its chief economist, Peter Spencer, said: “We now have to face up to the reality of an economy that has been seriously weakened by recent dramatic events.

“The effects of the credit crisis are spreading out from the financial and housing sectors and impacting every part of our domestic economy.”

Full article here

This article was posted: Monday, October 20, 2008 at 4:43 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

Morgan Freeman: 'We Are At War With Russia' See the rest on the Alex Jones YouTube channel.

Idiots React to London Underground Attack See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/1cjrZZyxowo https://www.youtube.com/embed/UXfTImLFvI4

© 2017 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.