The Economy in 2008: Chilly Showers but No Hailstorms

Summary

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In the good years, it was easy to convince the electorate that Britain's prosperity was unique; in fact, while London's growth has been impressive, that of the UK as whole has lagged behind every major English-speaking country since 1997. The demise of the [Gordon Brown] model will be starkly illustrated by sterling, which will tumble against currencies such as the euro -- and only look strong-ish against the dollar because of the greenback's own weakness.

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Extract

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The Economy in 2008: Chilly Showers but No Hailstorms

First, the good news: there will be no recession next year in Britain.

But while avoiding 'the Big R' will be some cause for celebration, the overall outlook for 2008 remains bleak. The economy will not shrink but it won't grow by much either. And there will be plenty of pain to go round. House prices...

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