Home's where the hurt is

摘要

It was, perhaps, frustration at his own helplessness that prompted Alistair Darling's dire prognosis. The chancellor of the exchequer told the Guardian, in an interview reported on August 30th, that economic times were "arguably the worst they've been in 60 years". His remarks raised fears of a harder economic landing for Britain than predicted and helped push sterling to new lows against the euro. His slip may have had more to do with his own anxieties (see page 42) than with the fate of the economy.rnOnly the terminally gloomy expect a downturn to match the deep recession of the early 1990s, or a repeat of the grim 1970s. Yet Mr Darling had a point, even if he made it clumsily. It is rare to be hit by so many problems in such a short space of time. A spike in the cost of oil and food has poked a big hole in consumers' pockets, leaving less money for other spending. Meanwhile the banking crisis has cut the supply of credit, hastening a collapse in the housing market.