Recent news out of the UK has been very negative. There is so much data piling up suggesting that the UK is quickly moving toward a US-style housing collapse that I am going to use this blog entry to post recent news stories without comment to give a fuller picture of where the UK economy is headed.
Inflation
CPI surge poses King with fresh dilemma – Financial Times
Food prices rising at fastest ever rate – Telegraph
UK inflation soars past City forecasts – MoneyWeek
UK inflation: why interest rates will stay frozen for now – MoneyWeek
Is inflation or deflation the biggest threat to the global economy? – MoneyWeek
UK household energy bills could rise by 46pc this year
April PPI jump highlights Bank of England’s dilemma – MarketWatch
Record U.K. product inflation dents rate cut hopes – Globe & Mail
UK household energy bills face unprecedented rise this year – Telegraph
Housing
House prices fall worst since 1978, says RICS – Telegraph
House prices: More Britons want them to fall – Telegraph
Economy
Mounting signs of economic slowdown – Financial Times
Spectre of stagflation set to haunt Mervyn King – Telegraph
Sinking feeling about the British economy – Guardian
Banks
Knight Vinke tells HSBC to shed U.S. loan arm – Telegraph
Rock’s mortgage arrears increase – Independent Ireland
HSBC warns that U.S. house prices will continue to tumble until 2009 – Independent Ireland
Northern Rock overstated the quality of its mortgage book – Telegraph
HSBC writes down $3.2bn on U.S. housing woe – Telegraph
See also: Other posts under the label ‘UK.’