It now seems inevitable that the UK will face recession over the next year or so. Forecasters have begun to predict this and say that the economy and house prices are set to fall. Many businesses are fearing the worst and almost all of them are expecting a fall in profit.
The recession is expected to last up to 2 years with house prices possibly falling 10% and the economy by about 1%. Times will be very hard for smaller companies and some may fall to these troubled times. This, among other things, will lead to a increase in unemployment. It is certainly a worrying time for all.
One things to be slightly happier about is that petrol has started to drop in price. Many stations are now selling back in double figures as they dropped below one pound for the first time in… er… ages!!! This seems like it should continue to drop for a while due to lower oil prices which are beginning to filter through to the customers at last.