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Econoblog

Discussion and analysis of the latest economic issues.

By Sean O'Grady, Economics Editor of The Independent.

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It's difficult to know what to be more worried by; the appalling trade numbers; credit rating agency warnings on the UK's credit rating, or similar warnings about how fragile the banks still are. Actually I think it's the banking story; the worries about the UK losing its cherished AAA rating are already "priced in" to markets, though still unwelcome.

The trade figures might, we hope, be distorted by the bad weather. But the banking stiff is really frightening, because the first credit crunch is hardly over even now. If there is to be a sequel one then it will hold back the wider economy (including mortgage lending and house prices) for a long long time. So no, not a great crop of economic news.

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