Recession or Depression

Reading the papers over the weekend, there has been much debate over whether UK is in a recession or a depression. Speak to anyone on the telephone and they will say we are in a SLUMP.
The Bank of England are not even confident that the next round of bail-out money to the banks will improve the situation. One question I would ask is the borrower capable of paying the loan back when requesting money from the banks. !! Clearly the first priorty of the banks is to pay the Bank of England or the Government , whichever because banks wish to be independant - so I fear that all borrowers will have to wait. Small business always is hit the hardest when there is a downturn and recovery all takes the longest. Some give up with exhaustion and stress . I think it was Napoleon who said we are a Nation of shopkeepers. There will always be someone who wants to be boss and in time will take up the empty shops.

It is easy to work out that tax/ rates will go up in time. If you think that 25% plus of rates collected go towards pensions of the local authority workers and management. Any student who does maths will work out that unless that payment figures reduces ( i doubt it) then the local councils have to raise the cash somehow. There will be change !!!