The UK public realize that time is running out.

January 12th, 2009 by admin | Filed under Daily News, Recession, Retail, UK Small Business.

There is a cold hard fact staring the UK public right in the face, and it refuses to go away. The fact is that is that our economy is well on the way to be the worst in all of Europe if not the developed World. Experts predict that the British economy will shrink by up to three percent in the coming year.

Collapses in confidence are being felt across the board, in manufacturing, in retailing and in the service industries, closures and cut backs have become the norm. Building starts are almost non- existent, and property prices, both domestic and commercial are falling at a rate of 10% annually.

Most of the financial experts who looked upon the UK’s financial situation in the “good days” predicted that the public were borrowing themselves into serious trouble and when the crunch came it would be much worse than most of the European neighbours and even those across the Atlantic. Sadly they were proven to be correct.

So where does the UK economy go from here? Have we bottomed out or is there still much worse to come? These are the questions that we nobody can provide the answers for, at least in the meantime. With personal debt totaling 1.4 trillion pounds sterling, even the most optimistic will have to come to terms that it will take many years of austere living for at least the next two to three years till these debts are paid off, or at least absorbed by the UK economy. .

Conventional banking during this period of recovery will more or less cease to exist as we know it. The golden years of banking in the UK are over with the signs all in place of a battle for survival with amalgamation, damage repair and consolidation being the order of the day.

When the UK emerges from the tunnel, which it surely will, be assured that things will never look or feel the same way again, and probably for the better.