Telegraph
"There are still some serious structural weaknesses in the global economy and these cause me to think that any recovery will be weak. My prime concern remains the banking system. ....Meanwhile, the risk of deflation is still very much alive and well. In the UK, pay freezes or even outright cuts in pay are becoming commonplace. If this continues, and firms start to see labour costs, if not fall, at least rise more slowly than productivity, then inflation could drop sharply, even into negative territory."
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