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....Still, lending support to those who say May was right to call a vote sooner rather than later, unemployment remains low, the housing market is steady, stock markets are near record highs and business activity continues to rise – albeit at a slower pace. The economy appears to have lost momentum but has comfortably avoided the recession some had predicted in the wake of the Brexit vote. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 10:38:58 AM
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.... The world was experiencing the strongest period of sustained growth since the late 1960s and early 1970s and the fund thought the good times would continue. There was a bit of concern about the rip-roaring US housing market, but no suggestion that a crisis in the sub-prime mortgage market would be the catalyst for the biggest recession since the 1930s. ... [Read full article on Guardian ]
Sunday 23rd of April 2017 02:02:46 PM
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....“Compared with where insolvency numbers were a few years ago, personal insolvency rates are still low and the recent bankruptcy rises have been very small. However, a continued gradual upwards shift may be a sign that the post-recession return of high levels of consumer borrowing and spending is starting to reach its limits. ... [Read full article on Guardian ]
Friday 28th of April 2017 02:34:07 PM
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. Lovers of Middle Eastern cuisine are bracing themselves for a new kind of double dip recession as both Sainsbury’s and Marks & Spencer face a shortage of hummus. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 01:18:52 PM
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....A leading thinktank underscored the pressures on household budgets as it noted the weakness in wage growth started long before the Brexit vote. After adjusting for inflation, employees’ average earnings were still substantially below pre-recession levels, the Institute for Fiscal Studies said in a new analysis. ... [Read full article on Guardian ]
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Latest Finance News related to Recession

Personal insolvencies soar to highest level in three years image
Source : Guardian [Read Article] Friday 28th of April 2017 02:34:07 PM
....“Compared with where insolvency numbers were a few years ago, personal insolvency rates are still low and the recent bankruptcy rises have been very small. However, a continued gradual upwards shift may be a sign that the post-recession return of high levels of consumer borrowing and spending is starting to reach its limits. ...
UK GDP growth slower than expected as inflation bites image
Source : Guardian [Read Article] Friday 28th of April 2017 02:33:56 PM
....A leading thinktank underscored the pressures on household budgets as it noted the weakness in wage growth started long before the Brexit vote. After adjusting for inflation, employees’ average earnings were still substantially below pre-recession levels, the Institute for Fiscal Studies said in a new analysis. ...
Hummus shortages after shops remove dip from sale over 'taste issues' image
Source : Guardian [Read Article] Tuesday 25th of April 2017 01:18:52 PM
. Lovers of Middle Eastern cuisine are bracing themselves for a new kind of double dip recession as both Sainsbury’s and Marks & Spencer face a shortage of hummus. ...
Brexit economy: living standards are falling as the snap election looms image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:38:58 AM
....Still, lending support to those who say May was right to call a vote sooner rather than later, unemployment remains low, the housing market is steady, stock markets are near record highs and business activity continues to rise – albeit at a slower pace. The economy appears to have lost momentum but has comfortably avoided the recession some had predicted in the wake of the Brexit vote. ...
Whatever the IMF thinks, we are a long way from the boom time of 2007 | Larry Elliott image
.... The world was experiencing the strongest period of sustained growth since the late 1960s and early 1970s and the fund thought the good times would continue. There was a bit of concern about the rip-roaring US housing market, but no suggestion that a crisis in the sub-prime mortgage market would be the catalyst for the biggest recession since the 1930s. ...
As more buy clothes online, Walmart eyes a piece of the action image
Source : Guardian [Read Article] Saturday 22nd of April 2017 11:00:12 AM
....Since October, more than 89,000 retail positions have been lost. According to some estimates, the sector is on track to lose more stores this year than during the great recession of 2008, its problems accelerating even as a consumer confidence is high and unemployment low, suggesting the changes are systemic and not cyclical. ...
Protectionism is rising the world over. Our best defense is fighting inequality | Wally Adeyemo image
.... Yet the institutions, norms and rules that form the backbone of the economic order have proven remarkably slow to change. The most prominent example was the inability of global financial regulation to keep pace with the innovation and evolution of the financial system, contributing to the most severe global recession since the Great Depression. ...
The Guardian view on the IMF: a global institution in an age of protection | Editorial image
....These are all timely warnings. Any one of the risks identified by the IMF could trigger a global downturn at a time when the political consequences of the last recession are still reverberating. ...
George Osborne: history will not be kind to a man whose flaws led to Brexit image
....When it became clear that many voters were impervious to the warnings, Osborne doubled down. He warned that the economy would plunge into an immediate recession in the event of a vote for Brexit. ...
Rise of the intern minority harms job hopes for the majority image
Source : Guardian [Read Article] Saturday 15th of April 2017 07:11:58 PM
.... While just over 61% of graduates aged 21 to 30 were employed in high-skill occupations in 2008, the figure now is just under 56%. The sharp decline in job opportunities, triggered by the 2008 recession, led to an oversupply of graduates with the result that firms have been able to get highly skilled workers even for low-paid, insecure work, such as internships, the IPPR warned. ...
Is this the beginning of the end for neoliberalism? | Letters image
Source : Guardian [Read Article] Thursday 13th of April 2017 05:59:24 PM
....Fiona CarnieBath. • “We worked together to ensure that the great recession did not become another great depression”, says Christine Lagarde of the IMF. ...
Estate agents struggling to find homes to sell, says report image
Source : Guardian [Read Article] Wednesday 12th of April 2017 11:01:10 PM
....House prices were broadly flat across the UK during March, said Rics, rising strongly in north-west England, but declining in London. Rics said sentiment in central London has progressively deteriorated, with a net balance of 49% of surveyors reporting price falls, the weakest since 2009 when the UK was still in the grip of recession. ...
Trump's trade barriers would be self-inflicted wound, says IMF chief image
Source : Guardian [Read Article] Wednesday 12th of April 2017 10:15:57 AM
.... Which is why we need to encourage countries to support strong international cooperation,” she said. Speaking before the IMF’s spring meeting next week, Lagarde added that international cooperation had been vital in preventing the deep recession of 2008-09 turning into a second Great Depression. ...
Tesco shares tumble despite first UK growth in seven years image
Source : Guardian [Read Article] Wednesday 12th of April 2017 06:26:58 AM
.... Lewis said the retailer was passing less of the financial pain on to its customers than its major competitors were. After two years of falling grocery prices, supermarket chiefs are pushing them up – but some analysts fear this will play into the hands of discount chains Aldi and Lidl, which thrived during the last recession. ...
Inflation is only going one way. Let's hope interest rates don't follow | Larry Elliott image
....That would be the nightmare scenario for the Bank. Rising inflation would intensify the deflationary squeeze on living standards but make it nigh-on impossible to ignore the case for an interest-rate rise that would risk tipping the economy into outright recession. ...
‘We will be forced to close’: Polish and Czech food stores post-Brexit image
....While the weakened pound has seen Patson’s profit margins eroded by up to 15%, Patel is confident that things will improve. “We’ve been through the recession, this is just another storm that we have got to ride out. ...
The Guardian view on productivity: Britain must solve the puzzle | Editorial image
.... Put another way, the economy would be in the region of £250bn bigger – and living standards markedly higher – had productivity growth not collapsed. In 2008 or 2009, when the economy was suffering its worst recession of the postwar era, poor productivity could be seen as a price worth paying. ...
The Guardian view on rising personal debt: more prudence please | Editorial image
.... It is no substitute for business investment, which the OECD has forecast will fall sharply in future years in a post-Brexit climate of uncertainty. It makes recession more likely, and, when it comes, deeper and longer. ...
Is there a housing bubble or isn't there? | Greg Jericho image
Source : Guardian [Read Article] Wednesday 5th of April 2017 02:00:07 PM
....In the 1990s and early 2000s (before the global financial crisis), Australians gorged themselves on debt. When Australia exited the 1990s recession, our debt level was at 80% of disposable income. ...
Scottish economic output falls by 0.2% image
Source : BBC [Read Article] Wednesday 5th of April 2017 12:20:57 PM
Weak productivity leaves UK trailing other G7 nations image
Source : Guardian [Read Article] Wednesday 5th of April 2017 11:19:49 AM
....Output per hour worked in Britain was 15. 2% lower in 2015 than it would have been had the pre-recession trend continued, the ONS said. ...
Cost of junk image
Source : BBC [Read Article] Tuesday 4th of April 2017 12:52:58 PM
Bank still worried about personal lending image
Source : BBC [Read Article] Tuesday 4th of April 2017 11:26:26 AM
....But UK lenders stand to lose much more on their consumer credit loans if there is an economic downturn and their borrowers default on their credit card and other personal loans. In last year's stress-testing exercise of UK banks, to work out how much they might lose if there was another recession, it was assessed that UK banks might lose £18. ...
How Karen Millen lost the battle for her name – and her fortune image
Source : Guardian [Read Article] Saturday 1st of April 2017 03:00:28 PM
....Until the public airing of her financial difficulties, Millen had appeared to be living a fashion fairytale. She had grown up in a council house on a Maidstone estate but had become a millionaire many times over by the time she was in her 30s, after the eponymous fashion label she had started with her husband Kevin Stanford was sold for £95m at the height of the retail boom that preceded the last recession. ...
Two million workers receive 4% pay rise image
Source : BBC [Read Article] Friday 31st of March 2017 09:17:02 PM
....Traditionally, the route to a significant pay rise has been moving jobs. However, the Resolution Foundation think-tank suggests that inertia and stuttering pay growth - particularly for younger workers who started work during the recession - may continue for some time. ...
The UK must not let this Brexit crisis go to waste. Nor must the EU image
Source : Guardian [Read Article] Friday 31st of March 2017 01:53:07 PM
....Project Fear 2017 has been playing its own versions of Beatles hits: I (Don’t) Feel Fine, We (Can’t) Work it Out and, of course, that all-time classic, While My Economy Gently Weeps. It has been quite a trip down memory lane to the days when the band’s lead vocalist, George Osborne, was predicting immediate recession in the event of a Brexit vote. ...
UK banks given new stress test scenarios image
Source : BBC [Read Article] Monday 27th of March 2017 11:43:00 AM
....The background against which it wants banks to test themselves includes "a sudden increase in the rate of return investors demand for holding sterling assets [which would mean higher interest rates on government bonds] and an associated fall in sterling". Under its annual cyclical scenario, banks must show they can cope with a recession in the global economy and in the UK, interest rates peaking at 4%, and with house prices falling by a third. ...
Populism is the result of global economic failure image
Source : Guardian [Read Article] Sunday 26th of March 2017 01:23:10 PM
.... More and more people are noticing that the emperor has no clothes. Even if the polls are right this time and Marine Le Pen fails to win the French presidency, a full-scale political revolt is only another deep recession away. ...
Austerity bites? Less chocolate for your money as packets shrink image
Source : Guardian [Read Article] Sunday 26th of March 2017 12:05:16 AM
....”. Shrinkflation started during the last recession and in recent years chocolate-lovers have been regularly targeted. ...
UK retail sales shrug off Brexit fears with February rise image
Source : Guardian [Read Article] Thursday 23rd of March 2017 10:37:42 AM
....4% lower than in the quarter ending in November. The ONS said the quarterly fall matched that seen in January, which represented the weakest retail performance since March 2010, when the economy was just emerging from recession. ...
Nervous markets take fright at prospect of Trump failing to deliver | Larry Elliott image
....Markets have become increasingly impatient with the new Trump administration for failing to follow through on pledges to use a package of tax cuts and infrastructure spending to raise the US growth rate. Share prices have risen steadily since Trump defeated Hillary Clinton in last November’s race for the White House amid optimism that the US could be on the point of breaking out of the low-growth path evident since the world’s biggest economy emerged from recession almost eight years ago. ...
Aberdeen wrestles with hard choices as independence looms again image
Source : Guardian [Read Article] Saturday 18th of March 2017 03:59:43 PM
....Callum McCaig – the SNP MP who drew laughter from colleagues and a stony face from Theresa May at PMQs last week when he asked if the UK could afford to be an independent country given its debt – rejected the idea that the fiscal and economic case no longer adds up. “If we were a petrol state and our only economic activity dropped in value by 75%, we would have had an enormous recession, and we have not. ...
Has the tech bubble peaked? Signs that the startup boom may be fizzling image
....This is partly because of a slowdown in companies going public. Last year was the slowest for US IPOs since the recession, with the amount raised by technology companies falling 60% from 2015, according to Bloomberg News. ...
Household incomes crept up last year, DWP figures show image
Source : BBC [Read Article] Thursday 16th of March 2017 11:20:14 AM
.... . "The period since the recession has been defined not by sharp rises in inequality or poverty, but historically slow growth in average incomes - in 2015-16 average income for working-age adults was no higher than eight years previously. ...
US Federal Reserve raises interest rates to 1% in bid to hold off inflation image
....“There isn’t much bleed over into mortgage rates; it’s mostly the short-term borrowers,” he said. Fed policymakers are known to be concerned that the tax cuts and extra government spending Trump has demanded could overheat the economy and lead to a deep recession. ...
Secrets to business survival: 'always look at new ways to innovate' image
Source : Guardian [Read Article] Wednesday 15th of March 2017 07:00:23 AM
.... Investing in what Sharrock says is the UK’s only integrated heat welding and hot-melt fabric-gluing machine is one example. Another is staff training: in the 2008 recession, the company made sure production staff were trained in all processes, rather than specialising in one as they had previously. ...
Brazil prosecutor targets politicians in Petrobras scandal image
Source : BBC [Read Article] Tuesday 14th of March 2017 11:19:32 PM
.... . He took power promising to tackle corruption and restore fiscal discipline as Brazil faces its worst recession on record. ...
US interest rate rise almost certain after bumper jobs growth image
Source : Guardian [Read Article] Friday 10th of March 2017 06:15:58 PM
....Still, there are several pockets of stagnation in the Trump economy, and those, too, stem from the Obama era. “Public sector employment is still lower now than it was when the recession began,” Gould observed. ...
The UK economy breaks more records – for all the wrong reasons image
Source : Guardian [Read Article] Thursday 9th of March 2017 06:40:24 PM
....Paul Johnson, director of the IFS, said Hammond appeared to be breaking a Conservative manifesto commitment but lambasted the government for making such a “silly” pledge in the first place. Instead, both organisations focused on the bigger picture: the performance of the UK in the years since the onset of the recession since 2008 and what is likely to happen over the next 10 years. ...
Philip Hammond's budget is a long way from tackling future challenges | Larry Elliot image
....The low-key nature of the budget was deliberate. Chancellors only embark on major giveaways during the mid-term of a parliament for one of three reasons: they are awash with cash and need to run down a budget surplus; the economy is in recession and needs stimulating; or the government is planning a snap election. ...
Bank of England deputy's slip-up was astonishing – but its reaction was predictable | Nils Pratley image
....To see why, look at Halifax’s ratio of house prices to earnings, as reliable a guide as any to affordability, froth and danger. The current level is about six times (pdf), which was last seen in 2007, just before the banking crash and recession. ...
Brazil's recession worst on record image
Source : BBC [Read Article] Tuesday 7th of March 2017 01:00:14 PM
. Brazil has been in recession for two years, the latest figures show, marking the deepest economic decline since records began. ...
Rethink rates now or face retail disaster, shops tell chancellor image
Source : Guardian [Read Article] Tuesday 7th of March 2017 07:01:35 AM
....Britain’s hard-pressed retailers have urged Philip Hammond to rethink government plans for revamping business rates amid signs that rising inflation has led to the weakest high street spending in more than five years. A report from the British Retail Consortium and KPMG found that the spurt in consumer spending seen in the run-up to Christmas had come to an abrupt halt, with the result that non-food sales are falling for the first time since the economy was flirting with a double-dip recession in November 2011. ...
Patagonia and The North Face: saving the world – one puffer jacket at a time image
....The high cost of North Face gear creates high expectations: “You get a fairly affluent customer who expects meticulous service. You have to behave as though you’re working at a Vuitton or a Gucci,” said Caitlin Kelly, a journalist who took a job at a North Face outlet in suburban New York after losing her reporting job during the 2008 recession, and wrote a book, titled Malled, about the experience. ...
Goodbye Spring Budget image
Source : BBC [Read Article] Tuesday 7th of March 2017 12:11:17 AM
....Giving four months notice of its withdrawal, scheduled for 1 August that year, prompted tens of thousands of people to rush and buy properties before the deadline. That stoked up the rip-roaring 1980s house price boom to an even greater frenzy than before, and helped pave the way for the subsequent house price crash and the recession of the early 1990s. ...
John Lewis and Waitrose owner set to reduce staff bonus image
Source : Guardian [Read Article] Sunday 5th of March 2017 04:49:46 PM
.... The first bonus was paid at the end of the first world war. The payout was suspended during the second world war and the early 1950s recession, and peaked at 24% of salary in the 1980s. ...
Budget 2017: Hammond to tell us the Brexit vote could have been worse image
....When Philip Hammond stands up to give his budget on Wednesday, this is what you are likely to hear: economic growth has been, and will be, stronger than expected after the Brexit vote. Defying all the doomsayers who said a vote to leave could prompt a recession, consumers carried on spending and businesses continued to expand. ...
Fixing America's failing infrastructure won't be easy, despite Trump's pledge image
....”. Rocky Moretti, the policy director of Trip, a transportation research organization headquartered in Washington DC, said that post-recession economic recovery has brought increased vehicle travel, placing additional strain on roads – urban ones in particular. ...
Fed boss says US rates may rise in March image
Source : BBC [Read Article] Friday 3rd of March 2017 08:14:34 PM
....". In her speech Ms Yellen also said that waiting too long to raise rates "could potentially require us to raise rates rapidly sometime down the road, which in turn could risk disrupting financial markets and pushing the economy into recession". ...
Cheers! Pub saved by its customers rated best in the UK image
Source : Guardian [Read Article] Friday 3rd of March 2017 12:01:31 AM
....A small north Yorkshire village pub which was saved by its local community after going bankrupt has been named the best in the UK. The George & Dragon, in Hudswell, closed in 2008 after the owners went bust at the height of the recession, but regular customers formed a co-operative to buy and refurbish the premises. ...
IFS: Growth in UK living standards worst in 60 years image
Source : Guardian [Read Article] Thursday 2nd of March 2017 07:01:10 AM
....If benefit cuts are implemented as planned, the poorest 15% of the population are likely to have lower incomes in five years’ time as a freeze in benefits and universal credit – which on average will be less than the benefits it replaces – take their toll. “Looking forward, we expect the fall in inequality since the recession to be reversed,” the IFS said. ...
'Long shadow' of financial crisis hits incomes image
Source : BBC [Read Article] Thursday 2nd of March 2017 12:18:25 AM
....In five years' time, median income will be 4% higher than it is now, the Institute for Fiscal Studies predicts. The recession and tepid recovery mean that from the start of the crisis to 2021, households will suffer the worst income squeeze for 60 years, it says. ...
Australian economy has been recession-free for 25 years image
Source : BBC [Read Article] Wednesday 1st of March 2017 03:28:43 PM
. Australia's economy grew in the last quarter of 2016, extending its 25-year streak without recession. ...
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Australia goes 25 years without recession image
Source : BBC [Read Article] Wednesday 1st of March 2017 02:18:44 AM
. Australia's economy gained momentum in the last quarter of 2016, allowing the resource-rich economy to extend its 25-year streak without recession. ...
Australia avoids recession as GDP grows 1.1% in December quarter image
Source : Guardian [Read Article] Wednesday 1st of March 2017 12:43:59 AM
....1% growth in the December 2016 quarter. The result reverses the shock negative result in the September quarter and means Australia has avoided a recession, as was widely projected by market economists. ...
Vast losses at RBS are a legacy of a failed system | Will Hutton image
Source : Guardian [Read Article] Sunday 26th of February 2017 12:05:15 AM
....It is now even clearer than it was at the time that had the government not stepped in, taking a vast £45bn stake, RBS would have gone bust, threatening a more widespread banking panic with cascading consequences hard to contain. At the very least, Britain would have had an even deeper recession – and much slower recovery. ...
'The economy looks set to be slowing again' – experts debate Brexit watch data image
.... As a consequence, this month real earnings, measured in constant 2000 prices, fell from £343 to £341 a week. The buying power of a pay packet is down more than 4% from its pre-recession peak of £356 a week in April 2008. ...
We are unlikely to spot next financial crisis, Bank of England official says image
....The Bank of England is unlikely to predict the next financial crisis, according to one of the central bank’s leading policymakers, who said economic models were unable to provide flawless forecasts for the UK economy. Monetary policy committee member Gertjan Vlieghe said it was impossible for the Bank to forecast a recession, let alone the next crash, and no amount of fine-tuning models of the way the modern economy operates would change that harsh reality. ...
I'm looking for a marketing job but my heart's not in it image
Source : Guardian [Read Article] Friday 17th of February 2017 07:00:03 AM
.... We then print the best of your comments alongside Jeremy’s own insights. I graduated with a first in English when the recession was at its worst. ...
Senators grill Janet Yellen on Republican plans to neuter Dodd-Frank Act image
Source : Guardian [Read Article] Tuesday 14th of February 2017 05:35:18 PM
....Yellen said that if, as the Fed expects, the jobs market continues to improve and inflation continues to rise, an increase in the benchmark federal-funds rate would probably be appropriate “at our upcoming meetings”. Yellen told the Senate banking committee that “waiting too long would be unwise” and could trigger a recession if the Fed was forced to raise rates rapidly, disrupting financial markets. ...
Sadiq Khan: government must pay drivers £3,500 to scrap diesel cars image
Source : Guardian [Read Article] Sunday 12th of February 2017 07:05:00 AM
....City Hall believes a scrappage scheme could eventually be rolled out nationally, to help other cities tackle pollution problems. The Treasury introduced a nationwide car scrappage scheme during the 2009 recession, to prevent demand for cars drying up as consumer confidence plunged. ...
Trump envoy says Greece is now more likely to leave the euro image
Source : Guardian [Read Article] Wednesday 8th of February 2017 03:10:19 PM
....Seven years of arduous austerity – the price of the international bailout – had been so bad for the country that it was questionable whether what came next could possibly be worse, Malloch said. In the third bailout in as many years, Greece has lost more than 25% of its GDP due to austerity-fuelled recession, the biggest slump of any advanced western economy in modern times. ...
UK faces return to inequality of Thatcher years, says report image
Source : Guardian [Read Article] Tuesday 31st of January 2017 11:26:31 PM
....But the Resolution Foundation forecast that between 2015 and the next general election in 2020 incomes for the poorest half of households will fall by 2%. That compares with a rise of 4% during the last parliament and 1% between 2005 and 2010 – the five-year period that included the deepest recession since the 1930s. ...
Young people optimistic about economy despite Brexit, says study image
Source : Guardian [Read Article] Monday 30th of January 2017 07:00:46 AM
....4% in November. The economy’s resilience has confounded forecasters, some of whom expected the UK would slip into recession following the shock outcome of the EU referendum last June. ...
Brexit has allowed the banks to get off Britain's naughty step image
Source : Guardian [Read Article] Sunday 29th of January 2017 04:00:28 PM
.... There was distaste for the way a poorly controlled financial sector had wrecked the economy with their speculative excesses and left others to pick up the bill. The recession that the banks caused and the austerity that resulted created the sense of “them and us” – the notion of an unbalanced and unequal Britain – that led to Brexit. ...

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