EoW November 2007

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4
Scrooge? You’d better
believe it!
Merry Christmas and a happy new year.
It may seem a little early to be offering
seasonal greetings, but this is the last
time I’m able to do that to both readers and
advertisers alike.
You may have noticed the word ‘prosperous’
missing from the greeting as well. It’s not
that I don’t wish you a prosperous new year,
it’s because – if reports are to be believed
– prosperity is something that will sadly be
lacking in Britain next year.
There have been a number of financial shock-
waves felt around the globe recently. Spurred
on by consumer spending and cheap money,
banks and other lending companies are car-
rying too much debt and have been hit hard
when people simply have not been able to pay
that debt back.
In other words, banks, building societies and
other lending institutions are tightening their
belts. That led, in September, to the Bank of
England stepping in to support Northern Rock
– one of the biggest mortgage lenders in the UK.
Customers panicked, wanting to withdraw their
life savings after fears that the company was
going to the wall.
Another warning shot comes from the Centre
for Economics and Business Research (CEBR).
If its predictions are right, it will be a long time
before anyone feels festive!
One of those predictions is that economic
growth next year will be weakest in the UK for
16 years. That is, in fact, since Britain stumbled
out of the recession in 1992.
That gloomy forecast is mirrored by Citigroup
which is warning that the British economy
could hit the buffers if interest rates aren’t cut.
At the moment it is the reverse that’s happen-
ing – mortgage rates, loan rates and credit card
rates are all rising.
I appreciate it doesn’t make heart-warming
reading, and it probably will not be foremost in
your thoughts when tucking into your Christmas
Day feast, but it’s well worth bearing in mind
when planning ahead for the next 12 months.
David Bell
The International Magazine
for the Wire and Cable Industries
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