Britons need to face up to its excesses over the previous decade

Telegraph
"The economy is in a recession which will last until well into next year, if not longer. A further 1.5 million people have yet to lose their jobs. The average homeowner is losing £575 a week on his or her home, based on price performance over the past year. And we are already mired in deflation. Anyone who still doubts this last fact should examine the data: over the past five months alone, prices have fallen by 3.8 per cent. Even the consumer price index, which excludes house prices and mortgage interest rates, is down by 1.5 per cent in the same period. Only the annual inflation rate, which still includes the effect of the oil price shock last year, is still in positive territory, and won't be for much longer."
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