Recession could be the worst ever

A dire prediction was issued last week by a leading economist, suggesting that the recession in the UK will be long and deep.

Andrew Sentance, a member of the Monetary Policy Committee, warned attendees at a monetary policy conference in London that the UK is sliding into a recession unlike any seen since World War I.

He says: “The characteristics of the current cycle have more in common with conditions experienced before WWI and even in pre-industrial history than they do with post-war events.”

Sentance maintains that even if recovery begins next year the recession is likely to ape those in the 1970s, 1980s and 1990s in length and depth.

Also last week the World Bank suggested that government interventions may not stave off a deep global recession.