Don’t mention the R-word

Brown.jpgHoly recessions, Batman!Smarta doesn’t wish to be the bearer of bad news, but it seems our hallowed leaders have finally pulled their heads out of the sand, so it’s probably time to confront it: we’re in a recession.This morning, Bank of England leader Mervyn King tentatively admitted that we kinda, sorta, might be coming close to a recession – a move swiftly followed by that great jumper-on of bandwagons, Gordon ‘I said it first, honest’ Brown, who kinda, sorta, might have concurred.As usual, the political establishment is a good two weeks behind everyone else – namely, business lobby group the British Chambers of Commerce, who released a statement saying the economy is in recession on October 7.While it’s definitely bad news, it’s not particularly unexpected – and there is light at the end of the tunnel. Experts are predicting ‘aggressive’ interest rate cuts, after the minutes of the last Monetary Policy Committee revealed its members voted 9-0 on a half percentage point cut.It looks as if this is a recession which will sort the men from the boys.

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