23-01-2008
Soros predicts recession for UK and US
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Hungarian-born George Soros has warned of the spectre of recession in the UK and US.
During comments made by Mr Soros on BBC radio, it was outlined that both Britain and the US would find it difficult to steer the economies of both countries away from recession.
"I'm not looking for a worldwide recession," said Mr Soros, who - in the past - has offered support to organisations such as Solidarity in Poland, and Charter 77 in Czechoslovakia.
"I'm looking for a significant shift of power and influence away from the US in particular and a shift in favour of the developing world, particularly China."
Mr Soros also explained that during market difficulties, authorities should be willing to increase the burden of regulation, as it is not always the case that financial markets are able to correct themselves.
In related economic news, the US Federal Reserve yesterday (January 22nd) reduced US interest rates by 0.75 per cent.