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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
Recession imminent but inflation to fall
The OECD yesterday warned that Britain was close to recession with predicted growth of minus 0.3 and 0.4 percent in the third and fourth quarters of this year.
This is the first time that one of the major forecasters has predicted that the UK will suffer a recession. The predicted rate of growth of the economy was reduced from 1.8% to 1.2% for the year as a whole, but as two consecutive quarters have negative growth this is classified as a technically a recession.
This contrasts with the Eurozone and the US, where growth forecasts have been raised to 1.8% for the latter. The OECD said that "financial markets turmoil, housing market downturns, and high commodity prices continue to bear down on glabal growth".
On the inflation front howevr there was better news in the forecast as it was predicted that both headline and underlying inflation would see some moderation, assuming commodity prices stayed where they are.
- Stamp duty movement is too little too late according to John Charcol
- CML welcomes housing market package
- RICS unhappy with housing market package
- Kensington launches 5 year fixed rate mortgage
- Stamp Duty policy to cause prices to fall?
- You can't buck the market
- Leeds launches new 2 year fixed rate
- Nationwide Consumer Confidence Index stabalises
- Abbey cuts rates again
- moneysupermarket.com questions Skiptons boast of supporting first time buyers
- House prices continue to decline
- FSA fines mortgage firm £63,000 for serious regulatory failures