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Finance
Mortgages, pensions, loans, shares, savings |
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UK Economic Outlook 2008-09
The current crisis in global banking is unprecedented since the 1929 Wall Street Crash and it will damage the economy over the coming months leading to a recession similar to that experienced in the 1970’s. Unregulated growth in credit over many years is responsible and led to a serious bubble in property prices which has now burst. The government deregulation of Financial Markets led to a Casino culture which they then neglected to regulate properly. These two major factors created a toxic mix resulting in the mess we are seeing now.
We’ve had the party, now comes the hangover!
Conditions in the Credit Markets continue to be volatile and this could last some time. The Credit Crunch is becoming more of a Credit Drought and it’s no where near over. Governments and regulatory authorities need to take a tighter control on Financial Market activity and cut interest rates aggressively. As the UK economy weakens rapidly through 2009 the FTSE Share Index will fall further and investors are likely to be driven to the relative safety of Gold and Gilts (Government guaranteed bonds). The name of the game now is to preserve your wealth and Investors with Pensions and ISA’s should check with their financial advisors that they are invested in the appropriate securities to weather the recession.
Robert Devine
Investment Manager
Charteris Treasury Portfolio Managers
bd@charteris.co.uk
www.charteris.co.uk
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