It's heartening to see a positive opinion, even if over the Pond. This bloke is chief economist at Lloyds TSB Capital Markets.
Looking at the impact of the credit conditions on both individuals and companies, one might expect to see a huge rise in the number of insolvencies. But the reality is not so bleak, based on the data we have to hand. Whatever happens, it is clear that there will not be any need for a US-style slashing of interest rates here in the UK — and we can still expect the base rates to end the year close to 5 per cent.
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