All this has to be seen in the light of grossly understated inflation figures. Anyone can see the high street trading has been dying for some time. We are a nation of consumers or we are nothing: we’re certainly not a nation of producers. The anti-euro campaign seems to be running out of steam and so there is nothing left to protect the pound. The property market is dead. We have a record trade deficit and unrivalled mountains of debt. A sharp reality check is on the way and we face it virtually friendless- the US won’t be in any kind of shape to help out. What looms ahead is frightening, almost unimaginably so.
25th January, 2011
UK GDP contracted by 0.5% in the last three months of 2010, shocking economists who had predicted growth of between 0.2% and 0.6% and sending sterling into freefall.
In These New Times 