New Delhi: While the markets were up on Tuesday the news from the world economy continued to be grim.
Consumer confidence in UK fell to the lowest in almost four years in March as the housing-market downturn worsened.
The former Chancellor of the Exchequer Nigel Lawson said the economy is heading for a recession. Lawson was the Finance Minister in the Margaret Thatcher government from 1983 to 1992.
UK House prices dropped the most since 1992 last month. Analysts believe the Bank of England needs to reduce the benchmark interest rate when it meets on Thursday.
The International Monetary Fund slashed its growth forecasts for the UK and now expects growth of 1.6 per cent this year.
The IMF says Britain is among the economies most vulnerable to a housing-market slump.
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