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One in four chance of global recession

There is now a one in four chance of a global recession, the International Monetary Fund has warned.

The Washington-based organisation has slashed its expectations for economic growth in the UK and other western countries in a report published this week.

The report, entitled World Economic Outlook, predicts the UK will see growth of 1.6% this year – a figure that undercuts chancellor Alistair Darling’s forecast of between 1.75% and 2.25%.

The report states: “The financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression, inflicting heavy damage on markets and institutions at the core of the financial system.

“The US is projected to tip into a mild recession in 2008, despite aggressive rate cuts by the Federal Reserve and timely implementation of a fiscal stimulus package.”

The IMF warns it could be the worst performance for the US economy for a decade.


Complete offers debt management service

Mortgage packager and distributor, Complete Mortgage and Loan Services has joined forces with Nationwide Financial Management Limited to offer brokers the Complete Debt Solution.Tristan Pile, head of sales and marketing at Complete, says: “In today’s marketplace it increasingly difficult to source mortgages for sub prime debt consolidation purposes, as lenders continue to tighten criteria to […]

Steady as she goes for AR numbers

There has been little change in the total number of ARs in mortgage networks so far this year, although a couple of players have ambitious expansion plans, says Richard Griffiths

MPs warn Treasury of underestimating risks to economy

The Treasury Committee has warned the Treasury it may be underestimating risks that the liquidity crisis poses to the UK economy.In its report on the Budget 2008, the committee says the Treasury may have given “insufficient weight” to the risks of continued financial market turbulence in making its forecasts for economic growth.John McFall, chairman of […]


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