Recession 'within months'.

The UK is facing a serious risk of recession within months, the findings of a survey of almost 5,000 small, medium and large businesses suggest. The British Chambers of Commerce's (BCC) quarterly report found the credit crunch and rising costs had dented the most important sectors of the economy. BBC News has an interview with David Frost, Director General of the BCC, where he talks about the changing mood of small/medium sized businesses. (Link to BBC News)

Good article by Larry Elliott in The Guardian (Click for link) in which he questions whether the official definition of a recession (two consecutive quarters of negative growth) is the most helpful measure in explainign the position the economy is in... 'an economy would not be in recession if it contracted by 5% in the first quarter, expanded by 0.1% in each of the following two quarters and then contracted again by 5% in the fourth quarter. '

News today that house prices continue to fall, down 2% in June (Link), house builder Barratt cuts jobs (Link) and that times are becoming even tougher for first-time buyers (Link).