Professor Roger Martin-Fagg speaks out
The UK is heading for a double-dip recession next year, according to predictions made by economist Professor Roger Martin-Fagg at the recent Broker Network conference in Harrogate.
Martin-Fagg predicted the recession could last as long as 18 months, and added that 2011 would see GDP shrinking 1% in real terms, the result of a 3% overall GDP rise compared to an inflation level of around 4%.
“Next year is going to be disappointing,” said Martin-Fagg, adding that he believed the UK would need another four years to leave the current financial crisis.
Martin-Fagg said the incoming Basel III banking reforms were “an entrenchment” of Basel II, which he said let banks run their businesses with reduced capital, and added: “The international banking system is going to be much more constrained as to how much money it can create.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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