Britain's next recession

Article Abstract:

Britain could be affected by a recession in 1999, but this recessionmay not be as severe as previous recessions. Manufacturing industry has already been hit by recession, which appears to be spreading with consumer confidence and profits affected. Interest rates cannot be lowered due to concern about inflation. Taxes were not increased in 1997 and this meant that interest rates had to be raised a number of times, and pound sterling then rose. Britain's recession will not be synchronized with that of Europe, and this makes it more difficult to joing European monetary union.

Editorial, Economic policy

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On the brink of recession?

Article Abstract:

The United Kingdom runs the risk of a recession in 1999. Manufacturing has already been hit by recession with exports hit by the high value of pound sterling. Data on average profits and retail sales also give cause for concern. The Bank of England has sought to achieve slower growth through raising interest rates in response to concerns about inflation. A recession in 1999 would not be as severe as the previous recession, partly because consumer debtis not as high, and excess demand is less of a problem than in the late 1980s.

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