The slow drip-drip of bad economic news has turned into a daily downpour. A torrent of negative economic data is hitting consumers, employers and investors. Yesterday morning British shares entered a bear market; Persimmon, Britain’s biggest housebuilder, announced 1,100 job cuts; the Government reported another fall in house prices; and Savills, the estate agent, admitted a collapse in sales. Jacques Vert, the women’s wear retailer, posted a fall in profits and gave warning of dwindling demand; Siemens, the German manufacturer, said it would cut 16,750 jobs world-wide, raising worries for its 20,000 British workers; and Bradford & Bing-ley’s share price slumped by another 19 per cent. Whether Britain is, or soon will be, in recession is being debated hotly. One can only be sure six months after the event because a recession...
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