The British Prime Minister and his closest aids say this is the worst recession in over 100 years and the effects could last over a decade….
Britain is facing its worst financial crisis for more than a century, surpassing even the Great Depression of the 1930s, one of Gordon Brown’s most senior ministers and confidants has admitted.
In an extraordinary admission about the severity of the economic downturn, Ed Balls even predicted that its effects would still be felt 15 years from now. The Schools Secretary’s comments carry added weight because he is a former chief economic adviser to the Treasury and regarded as one of the Prime Ministers’s closest allies.
The UK is experiencing the worst of the housing bubble. Their bubble was substantially larger than anyone elses, so not surprisingly, the pain is the greatest there.
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Foreign nations still pose the greatest risk to the evolving crisis….