Not a cheery blog with which to greet the new year, I grant you, but we figure we should face this tough economic environment head on!
The F-word is upone us - yes, the UK is officially now in recession. For your information, we have extracted some snippets from an article in The Guardian published this morning.
The UK economy contracted by a worse-than-expected 1.5% between October and December from the previous quarter, beating the quarterly declines seen during the 1990s recession, figures from the Office for National Statistics showed today. This followed a 0.6% slump in the third quarter. Two or more consecutive quarters of contraction are regarded as a recession.
The fall in fourth-quarter GDP was the biggest since the second quarter of 1980, the year of the Bristol riots, the Iranian embassy siege and British Leyland’s launch of the Metro.
Alan Clarke of BNP Paribas believes that the UK is not even halfway through the downturn yet, and predicted that GDP will continue to shrink through 2009.
‘It’s a case of two quarters down, four to go,’ Clarke said. ‘All the indications are that this recession is worse than the one of the early 1990s.’
Hmm, tough times ahead, friends, and we here at www.247Moneybox.com want to do all we can to help you. Our payday loan service is quick and professional and you could be on your way to a short-term payday cash advance in less time than you think.
Tags: Payday Loan Service, Recession
