1. The butterfly effect.
- Author
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Levy, James and Mulligan, Rachel
- Subjects
- *
SUBPRIME loans , *FINANCIAL services industry , *COMMERCIAL paper issues , *PRICE deflation , *HOME prices ,ECONOMIC conditions in Great Britain, 1997- - Abstract
The article reports on the economic condition in Great Britain in 2008. It is stated that the British economy has suffered a remarkable series of blows which began with the effect of non-performing subprime assets in the U.S. and headed the financial institutions to lend money in consideration for commercial paper. In the real economy, the demand for housing turns harder, more expensive and started to witness house price deflation. It is said that the economy is still predicted to grow.
- Published
- 2008