The British Industrial Organization Says Britain Is Facing Recession.

2008/8/21 15:15:00 19

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On Monday, the British Chamber of Commerce issued a warning that the recession could hit Britain in the next 6-9 months.

This is a national local business organization, which warns that the GDP growth in the UK will be negative in the next 2-3 quarters. The best result is straight growth. This means that the UK is likely to fall into a business recession. From 2009, from the terminology point of view, there will be a 2-3 consecutive contraction in the UK.

If the Bank of England does not cut interest rates quickly and stimulate consumption, the situation may be even more frightening.

A London sales survey released by the British Retail Federation said sales growth in central London fell to 6% in July, compared with 13% in the same period last year compared with the same period in 2006.

Sales of clothing, shoes, household goods and other casual products were severely hit by the tight household budget.

Another authoritative report says that since last month, the price of housing has dropped by 2.3% or 5403 pounds (10810 US dollars).

In London, the average price of housing has fallen by 21000 pounds (39000 US dollars) to 379162 pounds (708630 dollars) since July.

Two new research reports show that Britain has indeed entered an economic downturn.

Last week, Mervyn King, governor of England bank, said that as long as inflation expanded to about 5%, he would cut interest rates at any time, and inflation could break 5% by the end of this year.

In the next 18 to 2 years, 300 thousand people to about 2000000 people will be out of work in the next 300 thousand to 300 thousand years, the first time in the past 10 years, there have been so many unemployed people.