Ok france is feeling it now, dispite the fact they seem to think its everyone elses prob and being protected by the Euro.
My prediction is thus; for england, by the end of this they’ll be using the Euro too.
the bank of england have reduced base rates to 0.5%, then they are to buy bad debts pumping billions back to fucked up banks. The government have sqaundered already billions trying to save fucked up banks. Seeing the prob? They have jumped too fast whithout knowing the full depth of this recession. Its only just started, they cannot stop the GLOBAL turndown locally. Seems the idea is to spend and lend the country back out of this disaster. It wont work the ripples are still flowing and until the shit stops to fall, they should not have thrown everything they had at it.
The banks will be very happy to have billions and billions of £’s and they’ll sit on it! they will not start to lend again until the recession is OVER. eg; buy a house for 100,000 and watch it fall in value to say 75,000 this year. Ok so loss of 25,000 and perhaps your job goes too. bank does not get new business it losses. The base rate is so low they’ll not make a lot from lending it anyway.
The result is that everything there is to lend or borrow from the government is gone!!!! WASTED. as unemployment rises the tax paid back goes down. the country is so poised on a total fuck up and end up broke. The £ will then devalue even more to the extent no fucker will want it, and turn perhaps to the $ or €
well done bravo, sitting doing fuck all would have been a better move.