For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
'We are not out of the woods' says economist
Public debt will hold back any substantial economic growth, an expert has warned.
Although the "fear of total meltdown" of the economy has eased, there are still reasons to believe that we are "not out of the woods", a global economist said at the Chartered Institute of Housing Conference and Exhibition in Harrogate.
Ian Shepherdson said that people no longer needed to fear that the banking system would "fall apart completely" because government policy had "actually worked".
He went on to say that there was even a possibility of economic growth later on the year, but he warned that the high levels of public debt would hold back any substantial growth.
"Debt is a curse when asset prices are falling. That curse is well and truly upon us now. We have got to get rid of it; this is clearly unsustainable," Mr Shepherdson said.
Credit Action reported in June 2009 that total UK personal debt stood at £1,459 billion in April 2009. Total secured lending on properties at the end of April 2009 stood at £1,227 billion.