The bear is on its way to the UK

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Friday , July 04, 2008

There’s nothing quite like a phone call from your 60 year old dad worrying about his job security and how he is going to keep up his mortgage repayments to make you realise that the consumer economy really is on a knife edge.

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Working in the construction industry in Ireland, he can do nothing but watch the amount of work he gets diminish as building work dries up.

Add this to the fact that yesterday the European Central Bank (ECB) put up key interest rates by 25 basis points to 4.25 per cent and you get a very worried man on your hands.

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