Recession on the way warns Bank of England
October 14, 2008 by Admin
Andrew Sentance, member of the Bank of England’s policy committee has warned that the UK faces further severe downturns in the economy as he set the stage for further rate cuts.
A fall in GDP for the second quarter running is becoming certain, he said at a Market News International Seminar in London, and the balance of risks is shifting towards severe recession by the end of the year.
Mr Sentance’s observation comes on the back of a report by the Centre for Economics and Business Research stating that the City would be set back 10 years with a net loss of 62,000 jobs taking employment back to the same level as 1998.
