Finally UK comes top of something … the World’s most pathetic economies
Vince Cable, the Liberal Democrats’ Treasury spokesman, recently said: “There is now a real danger that the heart attack the British economy suffered has made us the sick man of Europe”. But it might be worse than that if the findings of credit checker Experian are anything to go by, the UK is the sick man of the world now, not just Europe. Experian finance director Paul Brooks said in the Mail that the UK’s economy was taking far longer …
Vince Cable, the Liberal Democrats’ Treasury spokesman, recently said: “There is now a real danger that the heart attack the British economy suffered has made us the sick man of Europe”. But it might be worse than that if the findings of credit checker Experian are anything to go by, the UK is the sick man of the world now, not just Europe.
Experian finance director Paul Brooks said in the Mail that the UK’s economy was taking far longer than any other nation to stage a recovery. Growth is strong in emerging markets. Even America, the epicentre of the subprime disaster, has seen a pick up in demand from banks looking to lend money and consumers keen to spend says the report.
‘In North America, we are seeing the banks are beginning to start planning for the new year,’ said Brooks.
‘In the UK we are not really seeing any signs that things are improving. Banks are very much focused on risk management.’
In Britain, there has been little demand by the banks for Experian’s credit information and data services, since most firms are trying to build up their capital cushions and focus on conserving cash rather than new lending.
But if that makes you miserable, don’t bottle up the bitterness; resort instead to the great British way of hoping everyone else joins us in the shit instead. French bank Société Générale has told its clients to prepare for a possible “global economic collapse” over the next two years. It says investors should draw up a defensive investment strategy to avoid wealth destruction. The report, entitled “Worst-case debt scenario”, warns that government bailouts have simply transferred private liabilities onto state shoulders, rather than solving problems. So v’s to the rest of the world, not that much better than us after all.
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