Talk about the media talking us into a recession!! The Times came out with a load of things that are going to affect the UK and put it into recession. What they didn't explain was that the changes will only put us back a year or two.
The Times says: There could be 20,000 Job losses in the City of London as a result of the credit crunch
Notice the "could": They fail to point out that the finance industry has created over 60,000 jobs in the last 12 months so that puts them 40,000 up.
The Times says: There could be a £150 Average monthly mortgage rise because of banks increasing interest rates
Again, notice the "could": Howeve, the Bank of England is reducing interest rates dramatically and there is an election due soon.
The Times say: 3 million Estimated number of households that will see their mortgage payments increase this year
No could this time but how can payments increase when interest rates are falling?
The Times says: 1.4 million mortgage holders will come to the end of their fixed rate terms and see mortgages rise steeply.
Surely this is the same amount as came to the end of their terms last year? They renegotiated or changed their mortgages, same as they will this year.
The Times says: The average deposit now required for first-time buyers to get on the housing ladder is £7,500.
This is less that the average second hand car costs in UK. Just don't buy the latest 50 inch plasma with built in digital DVD and Play Station and this deposit will easily be found.
I really believe this is a bandwagon the press have jumped on. Years ago it was the "Balance of Payments Defecit" followed by the "Pound sinks against Dollar". Maybe, with snow at Easter, ice-caps growing and the polar bear population double what it was 5 years ago, the "global warming" articles have lost their appeal so let's talk up a recession. The trouble is, the more they hark on it, the more it wil come true.