Darling:we will avoid recession -but consumers and investors disagree.

Tuesday 8th July 2008 In a rare moment of positivity, Alistair Darling has announced that the country will not as predicted enter a recession. The chancellor, in a press conference with US Treasury secretary Hank Paulson, gave a relatively upbeat message about the future for Britain’s economy. When asked whether he believed there was any way that the UK could escape a recession, Darling replied that “our economy will continue to grow”. While he acknowledged that high oil prices were a threat to the economy, he said he felt the UK was in a good position to avoid a recession as many independent economists believe that the worst of the Credit Crunch is already over. However this view is certainly not taken by all. Citigroup economist Mike Saunders said in a note entitled worse and worse: “The UK’s economic prospects continue to... [read full story]