Thursday, 6 May 2010

UK could become the next Greece, warns Next chief executive Simon Wolfson

The chief executive of clothing retailer Next, Simon Wolfson, warned today that unless the incoming government took urgent action to tackle the hole in the UK's public finances, the country could face the same economic woes as struggling members of the eurozone within three years.

"It is impossible to say whether this year could be worst than last year until we know the government measures to cure the deficit," said Wolfson. "But there is a great big hole to fill. I don't think we are in the same position as Greece because we are not in the euro. But something does need to be done, whoever wins the election, or in two or three years' time we could be a Greece or Spain." more...


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