Just how real was the standard of living during the credit bubble years? People were living well above their means and now they're going to have to live within reality, plus pay a price for the excesses that were never there anyway. The UK is not the only country that will be facing such a problem. The Independent:
While the employers' organisation seems confident that the UK has emerged, technically, from recession in the past few months, it stressed that 2010 would be a "tough" year economically, with falling living standards and growth that would actually fall back slightly in the new year, fuelling fears that the UK could experience the much-feared "double dip" or "W-shaped" recession.Next year is going to be interesting to watch for the world economy. Avoiding the double dip is not going to be easy for any country.
"We do worry that it is going to be weak," said the CBI's chief economist, Ian McCafferty. "As the stimulus is withdrawn it leaves the economy at risk of a further slowdown."
