Magazine article Insight on the News

Economic Prospects Worrisome to Britons. (the Business)

Magazine article Insight on the News

Economic Prospects Worrisome to Britons. (the Business)

Article excerpt

The FTSE index of Britain's 100 largest shares recorded its third consecutive year of decline at the close of trade on Dec. 31. While it managed to struggle up through 3,900 in the final week of the year, it remained about one-quarter lower than its level the same time last year.

Britons begin the year depressed about the economic prospects ahead as, like Americans, they contemplate their shrinking pension funds and worry about the housing market holding up. There are some pretty ominous signs for the British economy in 2003. British consumers, who kept the economy moving last year, appear to be tiring now. They are carrying a massive level of personal debt--nearly $10 billion more than at this point last year.

The other great fear is that the Labour government may hit Britons with higher taxes next year to make up for rising government spending. The prospect of a war with Iraq adds to the gloom. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.