More Economic Woes

The drastic 1.5% cut in interest rates is further evidence of the severity of the current economic slump with the Bank of England justifying its action by saying there had been a ‘marked deterioration in the outlook for economic activity at home and abroad.’ We also learnt today that house prices have fallen 2.2% in October according to the Halifax which now means that the average price of a UK home has reduced by £30 000 in value (13.7%) during the last 12 months. And sales of new cars fell in the UK at their fastest rate for 17 years with new car sales down 23%. The economic doom and gloom continues.

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