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UK may never recover
pqrdef
Posts: 4,552 Forumite
The boss of the Office for Budget Responsibility now says that if Greece leaves the euro, the UK may see another 2008-style slump in GDP and may never recover.
"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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Comments
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that's cheered me up today! ;-(0
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Is he the chap that has had to revise his wrong forecasts repeatedly?0
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I don't know. There was another one before this one, but he left.Is he the chap that has had to revise his wrong forecasts repeatedly?"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
I don't know. There was another one before this one, but he left.
Well Budd was just a Coalition lackey but only lasted 3 months.
The current guy Chote was appointed Sept 2010 so it's reasonable to say he has been consistantly wrong ... nothing wrong with having incorrect forecasts but why believe him now?0 -
The boss of the Office for Budget Responsibility now says that if Greece leaves the euro, the UK may see another 2008-style slump in GDP and may never recover.
My best-friend's sister's boyfriend's cousin says that we will recover, even if that happens."Beware of little expenses. A small leak will sink a great ship." - Benjamin Franklin0 -
We are either in terminal decline or we will bounce back again just like after WWII, the 70s, the 80s, the 90s.
Right now we're bumping along the bottom.0 -
We are either in terminal decline or we will bounce back again just like after WWII, the 70s, the 80s, the 90s.
Right now we're bumping along the bottom.
We have been on a trended decline since the 70s.
Yes we have had bounces when we have sold assets, lived of North Sea Oil/Gas, remortgaged a couple of times.
Not saying we might not percolate back to the top in the distant future but we will be in a totally different place. Being at the top ina 500ml coke bottle is different to being at the top in a 28cm frying pan."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Hey,
well lets see... higher numbers of people are unemployed... fewer jobs available... higher cost of living... lower amounts of saving... lower amounts of pension saving... and the economy is struggling big time. there is no real way to put it but to solve all these issues will take a monumental effort and this will require a lot of time.
with it more likely than not that Greece will leave the euro there will be so much mess to sort out that anyone hoping for a recovery sometime soon will need to find a magic lamp with a genie.
The only positive is that if Greece do leave then that uncertainty will be removed and this will allow plans for a recovery to be put in place.
Margey0 -
Hey,
well lets see... higher numbers of people are unemployed... fewer jobs available... higher cost of living... lower amounts of saving... lower amounts of pension saving... and the economy is struggling big time. there is no real way to put it but to solve all these issues will take a monumental effort and this will require a lot of time.
with it more likely than not that Greece will leave the euro there will be so much mess to sort out that anyone hoping for a recovery sometime soon will need to find a magic lamp with a genie.
The only positive is that if Greece do leave then that uncertainty will be removed and this will allow plans for a recovery to be put in place.
Margey
I agree with all that, apart from the element of uncertainty being removed if Greece leaves the Euro. I think the uncertainty will just move on to other vulnerable countries. At the moment there is no set path out of the Euro but if Greece makes one, then how long before others are tempted to follow?[FONT="]“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~ Maya Angelou[/FONT][FONT="][/FONT]0
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