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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

5 May 2009

EC forecasts doom...

In the UK an expected rise in unemployment of 9.4% could leave 3 million unemployed, however this compares favourably with France who have already reported unemployment figures of 11% and Spain who are bracing themselves for 20% unemployment next year.
The European Commission have considerably dampened Alistair Darling's over-exuberant hopes of recovery after October this year, stating that realistically growth in UK output cannot be expected until late 2010.
Reduced demand for cars and machinery has hit the manufacturing base of Germany whilst other smaller European nations have been hit by significant decline in property prices leading to a decimation of GDP (more than 10% decline).
Despite indications that the stimulus packages are cushioning the decline, the economic outlook remains dull and cloudy for 2009, with clearer skies and brighter patches late in 2010. Rays of sunshine are not expected to break through until mid 2011 at the earliest.

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How long will the credit crunch last?

UK reports GDP decline
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