Country headed for double dip recession as banks limit lending for five years

Arrow going down

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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