The UK is in serious danger of heading into recession as the credit crunch tightens its hold on the economy, according to a survey of businesses across the country published today. An increase in the number of firms reporting fewer orders, more job cuts and less investment is the latest indication that the British economy is suffering from the effects of the global credit crunch and the steep rise in the price of fuel, food and other raw materials.

 

Firms in the service sector have seen "alarming" declines in the past three months, with those reporting lower orders outnumbering those recording rises for the first time since 1990, the British Chambers of Commerce's latest quarterly economic survey of 5,000 companies says.

 

It adds that if these trends continue, the business sector is only three months away from technical recession.

 

Germany also reported "alarming" figures yesterday. Industrial output fell 2.4% in May - worse than expected. The drop, the worst monthly fall for more than a decade, on top of a 0.2% fall in April, added to fears that Europe's biggest economy, which grew by 1.5% in the first quarter, may have contracted in the second.

 

France and Italy are expected to report similar falls in industrial production this week, while Denmark is technically in recession and Spain and Ireland are suffering steep rises in unemployment.

 

whole article here : http://www.guardian.co.uk/business/2008/ju...rowth.economics

Do you think we are heading into a full blown recession? If we do then unemployment will start to increase rapidly.

People should get a GRIP. We've been threw two World Wars and suffered alot worse Reccessions than the current one. People have just been stupid and not saved during the good times that all.

Apparently womens' skirt lengths vary depending on the state of the economy and the 'feel good factor'. In boom periods skirt hemlines go sky high. In periods of recession they go plummeting. So if you see loads of 1970s style maxi skirts on the catwalks this autumn you'll know the economy is going up $h!t creek. :lol:

 

 

(Although it could simply be the woman in question has fat thighs :unsure: )

 

 

:P