UK on brink of recession as output slides

According to the British Chambers of Commerce’s Q2 economic study, key service sector balances are at the lowest point since the early nineties recession. The survey of nearly 5,000 firms revealed the dual impact of the credit crunch and rising costs are sending business cash flows to record low levels. Should the trends continue, the British Chambers of Commerce warns the UK business sector is just three months away from “technical recession”. Key areas at early 1990’s levels include home sales and orders and employment expectations, as well as manufacturing and service sector confidenc...