A survey of 5,000 firms done by the British Chambers of Commerce shows a worsening economic outlook and rising unemployment amid collapsing confidence. The BCC says that it is clear the U.K. is now in a “worsening recession” and has urged the government and Bank of England to take urgent action to avoid “major recession.” Employment expectations among those polled were the worst since 1993 and the BCC warns unemployment could top 2 million.
Nothing really surprising in that little lot. It’s been obvious for some time now the U.K. has been hurtling into recession. I find it increasingly depressing as I drive round the little villages of North Essex where I live and see the growing numbers of empty shops. Only last week my barber in one of these villages said his takings for August were the lowest in the 25 years he has had his shop. Crikey, people are even cutting back on haircuts!!!!! We’re going to be an island of hippies. Break out the Mamas & Papas LPs. “California Dreaming” anyone?
