Pre Budget Speech _ The Economy
Published / Last Updated on 23/11/2008
Pre Budget Speech - The Economy
- Bank of England estimates bank losses could total $3,000bn
- Global Recession in Europe, the US, India and China makes this an ”unprecedented crisis”
- Restore and maintaini financial stability ”crucial” to solving the crisis
- Industry Regulator, the Financial Services Authority is reviewing banks capital requirements in view of failures
- UK banks given access to £100bn in capital under a capital guarantee scheme
- Inflation expected to continue to fall
- UK growth to fall up 1.25 per cent next year and to grow up to 2 per cent in 2010
- Financial package of £20bn to stimulate UK economy
- Chancellor plans to balance budget by 2015-16 (we wonder which government)
- Borrowing to rise to £78bn next year and £118bn in 2009, representing 8 per cent of GDP.
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