Recession Slowing Down
Published / Last Updated on 06/07/2009
Recession Slowing Down
According to the British Chambers of Commerce, the worst of the recession is over. In a report it suggested that a survey of nearly 6,000 business owners had revealed that confidence was starting to rise and made calls on government to ensure that action is taken to nurture that confidence.
We suggest that the recession is far from over, that very large companies still are not out of trouble. You only have to look at BT offering a year off and planned cutbacks in government spending reisking 350,000 jobs to realise that unemployment has a long way to go.
We still maintain that unemployment with crash through the 1m barrier and indeed the BCC concur next year.
This country also still has a public sector debt in excess of £180bn. Proportionately, the largest in history except during wartime. This is unforgivable and will be a painful repayment. Yet again, it will be the Conservatives that are left to organise repayment of debts, much as Mrs Thatcher’s governments had to do in the eighties and nineties.
The difference is that we have no North Sea Oil to sell to "get out of jail". Expect more pain over the next 4-5 years.
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