An unsustainable boom

Feb. 1, 2003
Economic growth in 2003 will be heavily dependent on the housing market, so a downturn in house prices would have knock-on effects right through the economyThe UK economy is like a four-cylinder car. The four cylinders are household spending, government spending, investment and exports. (I have ignored imports to keep the analogy simple.) To move along smoothly, all four cylinders …

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