Economic think tank piles on the gloom

Fresh from the gloom spread by a Panorama special on living with the credit crunch a global economic think tank has predicted the recession will start in the UK this year.

Fresh from the gloom spread by a Panorama special on living with the credit crunch a global economic think tank has predicted the recession will start in the UK this year.

Anecdotal evidence from the channel reveals that August was a poor month but those wondering if it was due to holidays or recession are waiting to see what the crucial fourth quarter brings.

“September is the biggest month for the channel after December and so the next few weeks are going to be crucial,” said one source.

"I wake up everyday and wonder is this the day the credit crunch hits me? But we are still growing, hiring and recruiting and still expecting growth this year," said another contact in distribution.

Things will not have been improved by the announcement from the Organisation for Economic Cooperation and Development (OECD) that the UK economy did not grow in the second quarter and it will shrink in the third producing two flat quarters, the definition of a recession.

The think tank pointed to fuel and food price pressure and the housing crisis as factors that were undermining economic performance in the UK.

The OECD forecast is the worst yet for the UK economy and comes on the day the government attempted to kick-start the housing market.

Evidence of the economic impact on the channel will only really come in the next few weeks as trading for September continues.

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