The economy is expected to lose £1.2bn both on Monday and Tuesday and smaller losses during the rest of the week due to the biggest snow storm in almost 20 years. It is assumed that 20% of the UK workforce (6.4 million people) were off work today because of current weather conditions. Even the London Stock Exchange was struggling with trade volumes as workers struggled to overcome problems with the public transport.
Posts Tagged ‘economy’
Snow is bad for business!
Monday, February 2nd, 2009Are we a step away from recession?
Sunday, August 17th, 2008
Britain’s economy may be one step away from recession, with City economists warning that figures due this week could show that growth in the second quarter of the year is already at zero. Bank of England Governor Mervyn King already warned last week that it was a real possibility this year. This week will see the updated figures for growth for the second quarter. The first estimate issued two months ago showed growth at 0.2%. But economists expect the official figure to be revised down this week, possibly to as low as zero, barely above the definition of true recession.
