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[0:08] ..." London global insight chief UK economist Howard archer told me the British housing market is deflating I spoke with him from London."...
[0:50] ..." Most of the influence now is stemming from the housing market. "...
[0:55] ..." Well partly yes but on it it's not just settlement of the housing market clearly had to make it that would impact from the UK economy. But the financial services sector is being trampled UK growth Nestle to taking a massive hits. From everything that's going on. And believe me the wider economy is looking weak as well of income consumers have -- stretch themselves in in recent times. And there is a need for consumer retrenchment and that's being made. Even more important by the housing market slowdown and about what's happening in financial markets as well."...
[1:59] ..." some of the most famous names in banking are disappearing in the United States. Has the issue in the United States the sub prime mortgage issue. The credit crunch has that been the motive later. For this reverberating issue to wrote Europe."...
[2:28] ..." in Spain. On and in the UK housing -- make housing market problems. Well -- other than that. Increase the effect in the banks. Bank's debt problems and confidence in banks as well. But"...
[3:01] ..." There are such uncertainty in markets in this country the Dow Jones thirty industrials down over 500 points today alone. Mostly in reaction to what is going on in Europe and word that our"...
[0:00]" This is Anthony solely in the WBZ newsroom markets all over the world were down today as a weakening economy continued to rumble around the globe. From London global insight chief UK economist Howard archer told me the British housing market is deflating I spoke with him from London."
[0:17]" We expect -- bank agreements cut by fifty basis points. This Thursday which could take writedowns for the often. We had been looking for cool for pulling cut but I think things of so take that that would she the last few days and really I think it's. Come to -- bold action to Bank of England them in the the heightened financial market turmoil. Very tight credit conditions has shot some -- from the -- today. All of this is adding that downside risks to already very weak and fragile looking economy."
[0:50]" Most of the influence now is stemming from the housing market. "
[0:55]" Well partly yes but on it it's not just settlement of the housing market clearly had to make it that would impact from the UK economy. But the financial services sector is being trampled UK growth Nestle to taking a massive hits. From everything that's going on. And believe me the wider economy is looking weak as well of income consumers have -- stretch themselves in in recent times. And there is a need for consumer retrenchment and that's being made. Even more important by the housing market slowdown and about what's happening in financial markets as well."
[1:26]" Are you also seen this reaction and other European markets."
[1:30]" Yes we are. That the outlook deteriorates -- commitment that being. Pope's the on the the European banking sector would be less schooled taught by a list that now become clear it is in the case. This is what was thought European banks to drop not slice of the mud that's megabit -- situation but certainly a lot of European banks have run into trouble in recent -- old -- dial."
[1:54]" Now with with the bank's closing. You know we have not been immune to that here -- some of the most famous names in banking are disappearing in the United States. Has the issue in the United States the sub prime mortgage issue. The credit crunch has that been the motive later. For this reverberating issue to wrote Europe."
[2:15]" Yet there has. It's obviously and other European banks have had exposure. To the sub prime crisis in the in the US but what's happening now and in Europe as well that that we go right much aren't problems as well resolved in Spain. On and in the UK housing -- make housing market problems. Well -- other than that. Increase the effect in the banks. Bank's debt problems and confidence in banks as well. But the general the general tightness in in credit markets. They -- frozen and then some in the bank lending rates which Martin's appointment which shall. I'm an as a massive liquidity problem in in Europe is banks it is in -- lend to each other and diplomacy. Having an increasing knock on effect on the water economists."
[3:01]" There are such uncertainty in markets in this country the Dow Jones thirty industrials down over 500 points today alone. Mostly in reaction to what is going on in Europe and word that our own bail out our economic bailout package which was just passed by congress and signed by the president last week. Will take months to infiltrate and the effective in the economy. I would imagine that. The European economies of -- in the same issue that you know does not there's no effervescent solution."
[3:29]" That's exactly right and and what small of the as a problem to get deeper. Com and more banks and be in trouble -- he stopped thinking that maybe the matches. I have been announced a phone going to be enough and that can that be more anyway he says. It's at this stage it's really difficult the you know how quickly things were turned away and things would turn around. And how quickly dismissing it seems like this incident wistfully at best said."
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