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Brace Yourself for a Two-Year Recession: F.S.A Warns Today
by Christina 123 | August 9, 2008 at 02:26 pm | 97 views | 1 comment | 2 recommendations
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.
August 9, 2008 at 02:26 pm by Christina 123, 97 views, 1 comment
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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.