Varley thinks we are only halfway into a recession

The start of the week and more dire economic news.

This time it is Barclay's chief John Varley who claims that we are only at the halfway point in the recession.

He believes that property prices are only half way down to their low point with 2009 set to see another 15 per cent drop.

Unemployment is set to rise to 7.5 per cent of the current population with an additional 700,000 set for the dole queue.

This is hardly the news that the government wants to hear as is his comments on the previous lending poloicy of the banks which he describes as madness and that the banks were partly to blame for the mess that we were in