More pain, some gain
Published 29 April 2009
It’s going to be a tough year, but lower interest rates are easing affordability for some borrowers, says Fionnuala Earley.
In the final quarter of 2008 the economy saw its sharpest contraction since the 1980s and lead economic indicators imply that things are likely to get worse before they get better, which all suggests that 2009 will be an uncomfortable year.
Unemployment has begun to increase sharply with the number of people out of work and looking for jobs breaching the two million barrier in January, and the numbers of people seeking benefit increasing at its fastest rate since the measure began in 1971.
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