Healthy economy?Originally posted by JPaul@15 June 2003 - 22:02
The big difference is that we have a seriously healthy economy. Interests rates are lower than they have been for years, if not decades and fewer people are losing their homes because they cannot afford 12% mortgage rates.
The only reason the economy looks good on paper is because of the housing market and consumer spending boom, most of it funded by massive credit because of low interest rates.
The manufacturing industry is actually suffering zero growth, and this is not likely to improve anytime soon, because imports are so cheap.
Collectively, the British consumer is in debt to something in the order of 7 BILLION pounds! That's hardly what I would call healthy...
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