The latest economic data suggest that the slowdown in growth continues to build across many different economies globally.
In the UK, revised data from Q4 2011 show that Britain;s recession has been deeper than was previously believed. Moreover, the Bank of England expects the situation to get worse in light of the euro zone crisis. In terms of coincident economic data, the UK's retail data have been the most robust due mainly to the Queen's Diamond Jubilee. A Guardian article on this suggests that underneath, the data are weak for this time of year. As to other coincident data, Nationwide has reported that UK house prices registered their largest year-on-year decline in nearly three years. This is alarming given the weakness of UK banks and the knock-on effect house price decline...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.