Gird those loins. According to the Wall St Journal, U.K. business confidence weakened in the third quarter of 2011 as export orders slowed, according to a survey released by the British Chambers of Commerce on Tuesday.
While a separate survey found that retail sales picked up in September, the British Retail Consortium said that was largely due to a boost for food and drink sales from a period of hot weather toward the end of the month and is unlikely to herald a sustained recovery.
Taken together, the surveys seem to back up Bank of England Gov. Mervyn King's claim last week that the U.K. is in the grip of what could be its most serious financial crisis ever. Last Thursday the BOE reopened its asset purchase program, saying it would buy an additional £75 billion ($117 billion) in government bonds to stimulate the economy.
"The results of our latest survey are concerning, but not surprising," said John Longworth, director general of the British Chambers of Commerce. "The pace of the U.K. recovery will remain slow. We can avoid recession, but this relies on the government making some tough policy choices…."
Find out more at http://online.wsj.com/article/SB10001424052970203633104576622991427144336.html
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