Country headed for double dip recession as banks limit lending for five years
Delegates at the fifth Broker Network conference were warned to expect a double dip recession, slow to stagnant economic growth and that banks would be in no mood to lend for at least another five years.
The gloomy news was delivered to approximately 500 Broker Network and Countrywide members by economist Professor Roger Martin-Fagg.
He explained that although the Government will claim that growth next year will scrape to 1%, the reality of the situation is that inflation would average out at 4% whereas growth will only be 3%. Therefore, he predicted, real GDP would shrink by 1%.
Turning to bank lending, Professor Martin-Fagg had more bad news. He estimated that we are a third of the way through
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