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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace
- ABI stops short on voluntary premium finance cap as it sets out five principles