Recession here we come October 22nd, 2008

Gordon Brown has admitted that the downturn in the world economy is likely to send the UK into recession. Adding that the crisis in the global financial markets would cause “recession in America, France, Italy, Germany, Japan and - because no country can insulate itself from it - Britain too”.

The news doesn’t come as much of a surprise, but the fact the message came from the Prime Minister sent the markets down nearly 189 points or 4.5%.  Reducing oil prices, higher unemployment figures, slowing retail sales and a stagnated housing market mean recession seems to be the only way forward.