Back to the drawing board with the UK?

BRIDGETOWN, Barbados - THE BBC reported last week that the United Kingdom’s economy dipped 0.3 per cent during the last quarter of 2012. The report went on to suggest that the decline has fuelled fresh fears that the economy could re-enter recession. That would not only be bad news for Britons, but also for Barbados and many of the tourism destinations in the Caribbean which depends heavily on British visitors to boost our tourism industries. If there is a recession people are unlikely to travel and depending on what measures are pursued from here on, people will be more inclined to be cautious as they go about their spending not knowing the medium to short-term outlook. This recession continues to have a real dampening effect on people and it seems that it will continue to be with us for very much longer than was originally thought. However, inasmuch as there will be concerns in these parts, this takes us back to the important issue of credit ratings, as we recall the grade given to the UK economy not too long ago by one of the international rating agencies.