An avalanche to follow?

Economic downturn - at Moneyweek.co.uk - the best of the week's international financial media.

The chilling decline in market confidence, both in the UK and internationally, has been not just sudden but almost palpable. Dr Madsen Pirie of the Adam Smith Institute asks whether the disquieting economic news amounts to 'the first pebbles of the avalanche':

'Businesses have closed, jobs lost, manufacturing down. High street sales have plunged, the housing market is flat, and bankruptcies are at record levels. Tables have shown Britain plunging down the league table of competitiveness. Economists are predicting slowdown, rising unemployment, and higher taxes. Businesses are preparing for retrenchment as the global economy cools. At present the bad news is coming one pebble at a time, but some analysts feel the ground tremble as though something bigger is on its way.'

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