Which countries will be hit hardest?
“The downturn is expected to be severe in economies most vulnerable to the financial crisis or to sharp house price falls. These include Hungary, Iceland, Ireland, Luxembourg, Spain, Turkey and the UK.”
In its half-yearly health check of global growth, the Organisation for Economic Cooperation and Development (OECD) has stated that the UK economy will shrink by 1.1% in 2009.
Full OECD report here.
December 9th, 2008 at 6:00 pm
It could possibly be seen to be that Mrs. Thatcher’s policy to enable council houses to be sold off to tenants was a way of making sure that they had some assets to strip away and revert back to being held by the banks etc. when the poor could no longer afford them. With a council house rental system in place as before this could not have happened. As my Bangladeshi friend said a long time ago ‘No one gets rich by fleecing the rich only by fleecing the poor’