"One potential upside of [the economic downturn] is that in times of difficulty British people have traditionally rallied round. Maybe I am being a bit sentimental, but I hope that is something that will come out of this."
Vince Cable
Yes, Vince, I think you are being a bit sentimental. It is payback time Vince. After years of explosive credit growth, the UK economy is about to be crushed under the weight of its own indebtedness. This isn't a time for rallying around; it is time to jump ship.
Wednesday, December 31, 2008
Credit crunch will help social cohesion
Labels:
Bank of England,
credit cards,
inflation,
insolvency,
money,
UK,
UK banking,
UK economy,
UK house prices,
UK housing
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