Video Transcription:

Recession rant, actually things aren’t as bad as they could have been. And you know what every month that goes by and we don’t do a drop and another month we come closer to coming out the other side which potentially is in the Spring next year. A lot of people are predicting that it would be a really slow winter and things are going to drop off, and unemployment and all those sorts of things. Well, you know what, yes unemployment is increasing but not that much. If you have a look at these. The figures out just the other day, you are looking at 4.5% so they were 4.1% if you remember from 4.1% has gone to 4.5%. Not a massive jump. They are still expecting to go up more, make no mistake about that, they are still expecting to go up more.

Inflation, the rest of the figures are all sort of standard, they haven’t changed but the 4.5% is the unemployment rate. How bad is it so far? If we have a look at this, the chart effectively goes back to the 70’s. So you can see the unemployment rate hasn’t yet jumped at all. Normally we would go into and lose lots of people and it takes about 2 years to uptake those jobs. Right now unemployment is not too much of an issue.