British Economic Downturn Worst in 60 Years

Alistair Darling is the Chancellor of the Exchequer. The Chancellor is the British Cabinet minister responsible for all economic and financial matters. The Chancellor is appointed to his position.

Darling's economic assessment is about England but he does specifically speak of and include the rest of the world.

We cannot recall a more drastic evaluation of the world economy. In this particular article he does not get into any details about the USA at all, it is primarily an article about politics in England. Regardless this is a real shocker and admission from someone in an elite power position.

Guardian UK: Economy at 60-year low, says Darling. And it will get worse

In a candid interview in today's Guardian Weekend magazine, Darling warns that the economic times faced by Britain and the rest of the world "are arguably the worst they've been in 60 years". To deepen the sense of gloom, he adds: "And I think it's going to be more profound and long-lasting than people thought."

In the government's gravest assessment of the economy, which follows a warning from a Bank of England policymaker that 2 million people could be out of work by Christmas, Darling admits he had no idea how serious the credit crunch would become.

This is a real wake up call disclosure. The price of gas in England is in the $10 per gallon range. Trying to track this down there is a BBC article from June that states:

A Devon petrol station has been charging £1.99 a litre - more than £9 a gallon - as nearly 400 forecourts in the county suffered dwindling supplies.

Now that would equal $16 and change for a gallon but this was during a truckers' strike where quantities were dwindling