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Reports out today state the the UK economy could shrink by up to 2% next year, the Bank of England has warned, all this as the UK economy faces a looming recession. Predictions of worse times to come in the economy aswell as inflation falling to just 1% by next year, unemployment has reached an 11 year high at nearly 2 million, interest rates set to fall dramatically next year at below 2%, two continuous quarters of negatove growth to throw UK into recession to be confirmed by January…. etc, etc.

The Governers comments include “Very few historical parallels” “Confidence has been shaken badly” & “All this will restrain demand looking into next year.”