Recession: boom years are over as economy slows to halt

by Babel-Fish | August 22, 2008 at 04:56 pm

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The new Labour party, rid out a long period of good economy, in fact by staying out of the EU monetary system, UK's currency stayed strong. The high price of oil has gradually ruined the economy of most nations through out the world.

This present slow down is not good for New Labour and I am sure they will be voted out of power at the next general election.

The longest period of uninterrupted economic growth in British history has ended, leaving the country on the brink of recession.

Almost two decades of increasing employment, disposable income and house prices ground to a halt in June, official figures showed yesterday.

After 16 years, or 63 consecutive quarters, of continuous growth it is likely that Britain is already in recession, City analysts say. Another downgrade in a month’s time could confirm that the economy has shrunk.

The latest data, from the Office for National Statistics, showed a slump in every part of the economy as the credit crunch and the rising cost of living took their toll.