In brief – worrying news last week. In a speech by the Governor of the Bank of England, Sir Mervyn King, he not only said that there are some factors more worrying at the moment than before the first credit crunch started. He specifically mentioned that the ability and cost of insuring borrowing is now higher than before the last credit crunch.
In addition, he also stated that literally no-one can confidently predict how the economy will pan out and what the effects are of the last few weeks.
Worrying times indeed.
