I'm Afraid This Is Going to Be Painful ; Bank Governor's Credit Crunch Economy Warning
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Summary
THE Bank of England yesterday warned that the worst is yet to come for struggling families.
Governor Mervyn King said there will be a 'painful adjustment' and that households face a bleak period of stagnating incomes, tumbling house prices and rising unemployment.See the full content of this document
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I'm Afraid This Is Going to Be Painful ; Bank Governor's Credit Crunch Economy Warning
The economy is heading into a year of zero growth or possible recession with risks of an even more 'severe downturn'.
Yet Mr King refused to hold forth the prospect of immediate interest rate cuts, because inflation could accelerate to...See the full content of this document
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