Truemors
is reporting from
Member
NP Rank:
NP Rank:
Brace Yourself for a Two-Year Recession: F.S.A Warns Today
Share: 
by Christina 123 | August 9, 2008 at 02:26 pm
141 views | 2 Recommendations | 1 comment
Photos
Brace Yourself for a Two-Year Recession: F.S.A Warns Today
uploaded by Christina 123
The UK was today warned of a two year recession by Financial Services Authority who regulate UK banks and financial services providers.
LONDON (Reuters) - The Financial Services Authority has warned the industry to brace itself for the possibility of a downturn similar to the 1990s recession, chief executive Hector Sants said on Saturday.
"We believe there is a possibility of a real economic downturn here and further continued difficulties in the credit market," Sants told the BBC.
"If you look at the consensus forecasts there's a strong possibility of further declines in UK house prices and this type of scenario needs to be built into firms' business models.
Advertisement
NowPublic on Facebook
What is NowPublic?
NowPublic lets people work together to cover news events around the world.
Crowd Power
Christina 123
LONDON, United Kingdom
Most RecentMost Recommended Comments (1)
at 17:00 on August 14th, 2008
I think it's only because this is a trickle-recession that The Big Story isn't hitting home.
Basically we started with a simple mortgage crash which has been the catalyst to a snowballing recession *which is creeping over the world*.
In 2 years tops we'll be reading newspaper stories about the "huh?" effect where people seem to be suddenly overtaken by the effects of this world-wide economic crisis.