UK economy will survive the credit crunch-Ernst & Young

The report by the group examines how hard recent credit problems will hit economies around the world. Ernst & Young claims the rapidly growing UK financial sector is likely to see a significant slowdown, which could shave as much as 0.4% off UK growth. As well as having a knock on effect for legal and business services, the crunch may also result in lower employment and bonus payments, which will affect the housing market. The IMF had already warned that UK house prices were vulnerable and said the UK could suffer a similar fate to the US, which has seen house prices drop significan...