UK GDP fell by much more than the median expectation in the final quarter of 2008. GDP fell 1.5% against a median expectation of 1.2% from a broad range of economists’ forecasts. Britain is now officially in recession (two successive quarters of negative GDP growth). It only narrowly missed entering recession at the end of [...]
As we predicted the UK government has been forced to use several hundred billions more of tax payers’ money to prop up the UK banking system. The banks exposure to the recession, the house and commercial property markets and derivative financial assets has driven them worldwide to the edge of bankruptcy. The £37 billion given [...]
The sovereign wealth funds have lost a few hundred billion from the money they put into banks over the last 8 months. Banks are just eating capital up to cover writing off loans and losses on derivatives.
Darling is about to set up £200bn fund to prop up the banks again.
The falling oil price is hitting [...]
