The IMF forecasts that the UK economy will slow sharply to a growth rate of just 1.6% in both 2008 and 2009. Growth in the world economy will slow substantially, led by a much deeper and longer slowdown in the US, including a "modest recession" (Psst – will someone please tell the BBC economic gurus that there IS a substantial difference between "a slowdown in growth" and " amodest recession" and financial apocalypse?)
Anyway, Alistair Darling, the UK’s Chancellor of the Exchequer, knows better and he is sticking by his forecast that the UK economy will grow by between 1.75% and 2.25% in 2008 and by 2.25% to 2.75% in 2009. If Darling is wrong, the black hole in UK finances will grow considerably deeper – just as the General Election approaches! Gordon Brown and his poodle Darling are living in denial of the fecklessness which has characterised their public spending policies over the last several years and it is getting closer to payback time – by which stage I believe they will be booted out of power and a real car-wreck of an economy inherited. The fruits of Labour.