King admits UK is headed for recession
Mervyn King has confirmed what many of us had suspected and all of us had feared: the UK is entering a recession.
He made the admission at a dinner with business leaders in Leeds last night and today the reaction has been predictable.
Sterling’s being hammered by the dollar while the FTSE is down.
It's almost an anti-climax, though, isn't it?
We've been talking about the "R" word for so long; even though this is the first time King or anyone of his stature has admitted that it's likely to happen, it seems a bit... empty.
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