Times assesses economic situation

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Times assesses economic situation

The Times newspaper has analysed the economic situation, explaining the current state and predictions for such matters as inflation, interest rates and house prices.

According to its report, the Bank of England predicts inflations to be back on target in two years, after it soared to a 16-year high of 4.4 per cent in July.

In addition, unemployment has risen by 70,000 since February and is increasing at the fastest rate for 16 years.

The British Chambers of Commerce predicts it could hit more than two million by the end of the year.

House prices are expected to fall by 25 to 30 per cent by the end of 2009, according to estimates from various banks.

The Bank of England has held interest rates at five per cent for four months, with the City hoping for a cut near the end of the year.

Meanwhile, debt solutions company Debt Advisers Direct stressed the importance of saving over the next few months as the credit crunch and inflation take effect.

A spokesperson said that a few hundred pounds set aside could become "a useful financial buffer" and urged people with debt trouble to seek professional advice.

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