Menu
23/07/2001
Bleak economic report predicts UK recession
A quarterly economic report by the Ernst & Young's Item Club has warned that the UK will sink into a recession unless the Bank of England steps into help.
In its report, the Club called for the pound to be deliberately weakened and said that the Bank should intervene in the currency markets to sell the pound and buy the euro, bridging the ever-growing gap between the two.
In the bleak warning the report added that the high street and housing market would follow the manufacturing sector into recession and that the economy would not pick up for another two years.
It said that the strength of the pound against the euro had meant that British manufacturers were struggling to compete in Europe.
The Item Club wants the Bank of England, in collaboration with the European Central Bank and the US Federal Reserve, to intervene and artificially weaken the strength of the pound against the euro. (MB)
In its report, the Club called for the pound to be deliberately weakened and said that the Bank should intervene in the currency markets to sell the pound and buy the euro, bridging the ever-growing gap between the two.
In the bleak warning the report added that the high street and housing market would follow the manufacturing sector into recession and that the economy would not pick up for another two years.
It said that the strength of the pound against the euro had meant that British manufacturers were struggling to compete in Europe.
The Item Club wants the Bank of England, in collaboration with the European Central Bank and the US Federal Reserve, to intervene and artificially weaken the strength of the pound against the euro. (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
10 October 2017
Advice For Businesses On Transition Of £1 Coin Design
Sunday 15 October is the final day the old round pound coin will be legal tender. The new 12-sided, bi-metallic pound coin, introduced in March 2017, will be the only legal pound coin from 16 October. The new design is more secure in an effort to combat counterfeiting.
Advice For Businesses On Transition Of £1 Coin Design
Sunday 15 October is the final day the old round pound coin will be legal tender. The new 12-sided, bi-metallic pound coin, introduced in March 2017, will be the only legal pound coin from 16 October. The new design is more secure in an effort to combat counterfeiting.
24 September 2009
Armagh Firm Secures Pitch Deal
Sporting legends could soon be stepping out on newly created pitches constructed by a Co Armagh company at the new Aviva Stadium. Clive Richardson Ltd has secured a multi-million pound contract to construct a natural turf pitch and a synthetic pitch for the state-of-the-art Aviva Stadium, which will replace the old Lansdowne Road.
Armagh Firm Secures Pitch Deal
Sporting legends could soon be stepping out on newly created pitches constructed by a Co Armagh company at the new Aviva Stadium. Clive Richardson Ltd has secured a multi-million pound contract to construct a natural turf pitch and a synthetic pitch for the state-of-the-art Aviva Stadium, which will replace the old Lansdowne Road.
22 January 2002
Bank of England warns against devaluing sterling
A senior official from the Bank of England has hit back against reports advising that the pound should be reduced in value if the manufacturing sector is to emerge from recession.
Bank of England warns against devaluing sterling
A senior official from the Bank of England has hit back against reports advising that the pound should be reduced in value if the manufacturing sector is to emerge from recession.
12 September 2018
Dunadry Hotel Undergoing Multi-Million Pound Refurbishment
The Dunadry Hotel in Antrim is undergoing a multi-million pound refurbishment. A total of 21 additional jobs will be created due to the investment. McKeever Hotel Group is redeveloping the hotel's 80 bedrooms with £740,000 funding offered from Invest NI.
Dunadry Hotel Undergoing Multi-Million Pound Refurbishment
The Dunadry Hotel in Antrim is undergoing a multi-million pound refurbishment. A total of 21 additional jobs will be created due to the investment. McKeever Hotel Group is redeveloping the hotel's 80 bedrooms with £740,000 funding offered from Invest NI.
17 January 2014
Wrightbus Awarded Multi Million Pound Contract
North Antrim Ulster Unionist MLA Robin Swann has hailed the announcement of a lucrative new multi million pound contract for Ballymena based Wrightbus as good news for the company and for Northern Ireland.
Wrightbus Awarded Multi Million Pound Contract
North Antrim Ulster Unionist MLA Robin Swann has hailed the announcement of a lucrative new multi million pound contract for Ballymena based Wrightbus as good news for the company and for Northern Ireland.
-
Northern Ireland WeatherThis Evening and Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
