For 18 months now I have believed that a prolonged and deep recession at least as bad as 1990 - 1992 would occur in 2008 - 2010. This morning The Times Economics Editor writes this:
November 6, 2008
Deep and lengthy recession takes shape as UK output figures shrink
Gary Duncan, Economics Editor
The threat of a deep and prolonged recession mounted yesterday as bleak figures showed services industries shrinking at a record rate and manufacturing suffering its longest stretch of falling output since 1980...
Deep and lengthy recession takes shape as UK output figures shrink - Times Online
If you have one iota of sense you will look back at history to provide a guide to the future. You will see 2 major UK airlines going bust in the form of Dan Air and Air Europe. You will note that for Wannabes the employment prospects were virtually nil for over 4 years. Reasonable hiring rates returned in 1995 and a boom didn't happen until 1998.
Much of the recent growth in the UK airline industry has been financed by people spending money their house has earned or by unsecured credit. This source of spending has not only stopped growing but is rapidly shrinking.
Ignore the complacent media and the spinning politicians. This is going to be very bad.
WWW