The world's central bankers have warned that the British economy faces relapsing into another recession – the much-feared "double dip" downturn.
continuing drought in bank lending, evidenced in the latest figures from the
Bank of England
spiralling public borrowing
OECD), which
comprises the 30 most advanced economies in the world, added to the gloom,
saying that Britain remained "deep" in recession
warnings are at odds with recent market optimism and so-called green
shoots suggesting that output in the economy may be recovering. But the Bank
for International Settlements (BIS), which includes the Bank of England, the
US Federal Reserve and the European Central Bank, said it feared that the
problems of the world's banks are far from fixed and could easily trigger a
so-called "double dip" or "W-shaped" downturn. "A
major cause for concern is the limited progress in addressing the underlying
problems in the financial sector,"
clipped from: www.independent.co.uk