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According to the governor of the Bank of England , Mervyn King, the UK is "in a deep recession" in 2009 and said rate cuts may no longer work.
Let us not forget that as recently as twelve months ago the Global Banking Crisis, which is still not over, was being described in the media as a temporary local difficulty.
The article goes on to say that, “there is a significant risk that the recession will be even longer and deeper than expected”. Well I’ll be damned.
The bank of England is now predicting that all will start getting better soon. Business leaders seem to disagree.
David Kern, chief economist at the British Chambers of Commerce said that the Bank's forecast for a recovery by 2010 "seems unduly optimistic."
And Graham Leach, of the Institute of Directors, added that "we are well into the financial crisis but the economic crisis is only just beginning."
Everyone who is anyone in government and finance wants to talk about credit availability and getting it back to its previous levels. The previous levels of credit that they are chasing were part of the problem!
Until people realise that the only way out of a recession is to make things. Invest inwardly in design and technology. Invest inwardly in engineering and electronics. People are noticing now that everything is made abroad.
The policies of nationalism offer the only way forward for the United Kingdom and The British National Party is the only nationalist party in Great Britain.
The sooner that more people realise this the better.
