Credit crisis: now a 'strong chance' UK will enter a recession

By Harry Wallop, Consumer Affairs Correspondent Have your say Read comments There is now a "strong chance" the UK will enter a recession next year, leading economists have warned after some of Britain's biggest companies disclosed that they were suffering badly from the impact of the credit crisis. In the clearest sign yet that the economic turmoil in the City has spread to the wider economy, leading retailers and house builders admitted they were in "the most rapid and severe downturn" for two decades. Marks & Spencer, the bellwether of the High Street, saw its shares suffer their worst one day fall in 20 years after disclosing that sales had fallen more than 5 per cent in the past three months. The food and clothing retailer said it was suffering because shoppers were starting to cut back substantially on their spending as... [read full story]