Daily Doom

[AlfredJPruffock]

Feel much better after reading that.

Some clown was posting some rubbish yesterday bout how the UK economy has seen the worse - good to get a nice depressing read like this to balance matters.

[DimPrawn]

http://www.dailymail.co.uk/money/art...ls-prices.html

House prices in Britain have nowhere near bottomed out even after a 20 per cent dive, the Organisation for Economic Cooperation and Development warned yesterday.

Property values are still 140 per cent of their historic averages, suggesting further declines are unavoidable, the Paris forecaster warned.

Economist Petar Vujanovic of the OECD said: 'Affordability is still nowhere near back at what it has been historically. So we think it has got a way to go. House prices have fallen by only 20 per cent.'

The prediction came in a dark outlook that predicted Britain's economy will suffer a peak-to-trough slump totalling 5.3 per cent - more than double the loss of output recorded in the recession of the 1990s.

Unemployment will soar to 9.5 per cent next year, or nearly 3m, from an average 5.7 per cent in 2008, the OECD said.

Separate research by management consultancy Hay Group suggested firms in Britain are planning up to £271billion of spending cuts during the coming financial year, including 620,000 of job losses.


http://www.telegraph.co.uk/finance/e...ling-fast.html

US house prices have fallen 29pc from their peak and are still tumbling at the fastest rate on record, according the closely watched Case-Shiller index.


http://ukhousebubble.blogspot.com/20...collapses.html

UK labour productivity is collapsing. In the fourth quarter of 2008, it declined by 1.5 percent.