Mervyn King, Governor of The Bank of England, has given a gloomy forecast for the future that will impact all British households.
In summary, he believes that we will spend many years suffering the painful fallout from the financial crisis.
He referred to the worldwide stimulus package as nothing more than "sticking plaster".
The four horseman of the economic apocalypse will be represented by:
- ongoing high unemployment
- stagnant real wages
- stagnant standard of living
- stagnant growth
The governor also reminded the government of the appalling levels of debt that they have saddled the British taxpayers with, and told the government to announce concrete measures to reduce the budget deficit.
Enjoy the present, the future will be appalling!