Thursday, 24 July 2008
The British Recession Gets Worse
The Irish Independent has picked up my Bloomberg column this morning about the recession that is looming for the UK. The news today is, of course, even worse, with a 3.6% drop in retail sales, the worst monthly figure since 1992. The point is that the economic news keeps surprising us on the downside. So long as that is true, the outlook is grim. And, as I keep saying, we haven't seen the attack on sterling yet, which is where it really get nasty. But I think we can be sure that the turning point hasn't been reached until there is a significant devaluation of the currency.