By Oliver Ralph, December 18, 2008
Coming into 2008, the talk was all Cs — credit crunch, caution and a crisis of confidence were the order of the day. Analysts expected just a modest economic downturn. Going into 2009, we’ve moved on a letter and predictions focus on D — depression, deflation and the de-rating of the pound are sparking fear across the City.
The economic outlook is not good. While a recession has not yet been confirmed statistically (and won’t be until early next year), the growing reports of job losses and bankruptcies show we have certainly progressed well beyond the realms of a mild downturn.