Eldridge Financial Blog: UK in recession again as recovery is ‘paralyzed’ by the European debt crisis, forecasted.

Britain is once again suffering a recession and unemployment risks coming close into three million this year as forecasted by the leading economic forecaster. The UK’s economic recovery is ‘paralyzed’ by Europe’s debt crisis, the Ernst & Young Item club will warn, as it cut its GDP growth forecast from 1.5 per cent to 0.2 per cent. According to Eldridge Financial Blog, the dire prediction comes after nine European countries including France, have had their credit ratings downgraded on Friday, dropping world stock markets into turmoil.



Economists had hoped that exports and business investment would strengthen the economy this year, with public and consumerspending still in the doldrums. Nevertheless, Europe accounts for more than 40 percent of British trade and business confidence has been roughly hit by insecurity about the future of the Continent and the single currency. » Eldridge Financial Blog: UK in recession again as recovery is ‘paralyzed’ by the European debt crisis, forecasted.