Warns on Recession’s Impact
Thursday, December 18, 2008 6:55
According to a report on the Financial Times, due to the loss of City revenues, UK is “likely to be more severely affected” by the global economic recession than other countries.
As London is the major financial services sector of the world, it’s of course that UK is likely to be influenced more due to the reduced profitability. It’s warned that Britain is almost certinly facing a recession deeper thant any people have ever known.
As the economic downturn is taken as a severe one that has not been seen in generations, the government is lack of economic ideas or understandings of policy to deal with such serious situation.
Both of the political parties are certain that, with the outcome hinging on whom the public trust most to deal with, the economy will actually determine the result of the next election. Labour is determined to focus on the action on countering the market downturn, rather than on job losses.
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