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Britain 'is bound to follow
if the US slides into recession'
TAMSIN BROWN and WILLIAM LOWTHER
Daily
Mail
Monday December 3, 2007
The financial turmoil in the U.S. will have a "serious
effect" on Britain's economic growth, a leading economic
adviser warns.
Britain's financial markets have already been rocked by the fallout
from housing problems in the U.S., which many fear will slip into
recession next year.
A recession in the U.S. is likely to drag growth in Britain down
with it.
Ruth Lea, of the think-tank the Centre for Policy Studies, said
the financial troubles in the U.S. would be felt "in the
UK and around the globe".
She added: "It will have a very serious effect on the British
economy and the British market is beginning to look quite ugly
as well."
(Article continues below)
The investment bank Goldman Sachs has already said the chances
of U.S. falling into a recession have risen to between 40 and
45 per cent.
U.S. Treasury Secretary Larry Summers said last week that "the
odds now favour a recession" and Mrs Lea said the prospect
of such a downturn was
"almost inevitable". Dr Nouriel Roubini, an economist
at New York University, added to the gloom as he warned of a risk
of "generalised meltdown of the financial system of a severity
and magnitude like we have never observed before".
Full
article here.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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