What is happening now can hardly be compared with the early 90s, or in fact the mid 70s. We need to look at the 1930s. Neither the 90s or the 70s resulted in giant companies and banks being on the verge of going bankrupt.

Barbara, Hereford,

"Economists" Bean, King and Brown, please note -the "economic boom" was based upon vast amounts of unsupportable borrowing.

Banks not lending, cpi is 10% compound annually, uk base rates are still 5%.

Half the working pop'n earn £6 hr bef tax, and petrol is £6 gal.

Result?

PROBLEMS.

Duncan Gormley - Lake, Bournemouth, dorset

Sir Stuart is being forth right stating the obvious "Our customers are hurting. Their pockets are being squeezed," Petrol, No Credit, Housing declines, job losses, inflation all at once who among us believes its just a blip? We all knew it was tough. He said publicly what they all say privately

Jason Pearson, Toronto, Canada

The credit crunch might have played a factor in the downturn in M&S's sales. However, I would also be interested to know if there is a correlation between Stuart Rose's decision to charge 5p for a carrier bag and a 5% fall in M&S's sales.

Michael, London, UK

“It is determined by global factors. There is not very much that we can do about that as a nation,” ...WRONG! Council tax, fuel tax, the 10000 other new Labour taxes, mis-spending of taxes on incompetent public sector employees + pensions instead of affordable childcare, FSA fisasco...FIRE LABOUR!

Ann, London,

I agree with Paul from Coventry. Aldi value has been great for years. With the amount of food advice on TV does anyone really need to buy ready meals except for luxury? If I can't get it from Aldi, Asda isn't far behind. Executives who have so generously beneitted from ripping us off should go. NOW!

Laurance Thompson, Bournemouth,

People are being squeezed by higher taxes, petrol, food prices, utility bills, with their employer also being squeezed
and so unable to afford big pay rises. To increase interest
rates will lead to more pain, even depression. The answer
hold interest rates and cut taxes by 4-6 Billion in 2009

Roger, Weymouth, U.K.

I gave up on Britain in 1994, crime etc.Now I live here for 300 quid a month rent etc.
The hell with britain.
ex-pat

Roge Wheeler, Vallarta, Mexico

When credit availability dries up, we witness what most people can *really* afford to pay and it is Aldi and Poundland, not M&S or Waitrose, prices.

Paul, Coventry,

How can stocks rise? Oil won't get any cheaper: supplies have peaked. All energy costs will keep rising and anyone sitting by and waiting for a recovery had better get a very comfortable chair. All the old economic assumptions are now over.

C Smith, Norwich, UK

Its not rocket science.
Increase prices for all esential items and take away credit (remember Credit Card companies are reducing or removing credit lines, Loan lenders, like Barclays have no money to lend, mortgage companies have limited money to lend) what chance has UK 2 spend if no liquidity?

Donald Davies, Derby, England

I assume that we're now due for some 'soak the rich' tax grabs and some 'planned inflation' as the public finances worsen and G Brown prints more money to pay his armies of public sector hangers-on.

The real root cause is that there is too much government in this country. I'd vote for Reagan!!

Pedro, Stratford,

As Rose says, the worst is yet to come. The incompetents running our government also know this but have been quick to release the news slowly. Whilst world events are much to blame for the current crisis they hit our economy when it was vulnerable, thanks to 10 years of mismanagement.

Paul , Lambourn, UK

18 mths ago, I told a pal that Africa would soon be a better place to be than UK before 2016. I revise that to 2012. If the Africans were wise, they should take the opportunity to buy up 'cheap" assets/institutions now and reverse-colonise UK in less than 4 years! Brilliant fate eh? mmm If only

Willo, MK,

i have now stopped purchasing from M&S food hall. My reason is the charging for a carrier bag. As a male, I confess not to carry a carrier bag in my bag (?) when I visit their store. Why charge me on this basis, then envelope my purchases in plastic outer wrappings. I and others go to Sainsbuy.

ROBERT, Edinburgh,

Commodities are in a long bull run, there will be corrections but they have years of upside (Inflation)

Stocks are in a equally long Bear market there will be bear market rallies but we still have years of downside.(asset Deflation)

Invest accordinally!

Peter, London, UK

“It is determined by global factors. There is not very much that we can do about that as a nation,”

WRONG Charlie, WRONG WRONG WRONG.

10 years of sustained overtax and overspend from Labour are what 'we' could have done about it as a nation - i.e. never voted them in in the first place.

Dan, London, UK

10 years of amassed debt now has to be paid back. It will be at least five years before this recession is over.

sophie smith, london, uk

Let us be more accurate. The full force has NOT been felt by consumers yet and if you are trying to 'time' the markets, 12 months is far too soon to go back in to equities. This 'adjustment' will be far more severe and take far longer to rebound than is being suggested.

Clive, Cambridge,

Having been in the construction industry in one form or other for the last 35 years, the suggestion that downturn could last 18 months is laughable. It took about 7 years for the construction industry to start moving again in the 1990s and this will be the same if not worse.

Chris, Oxford,

Cut government spending, lower taxes and support the pound - it's not rocket science. I too put my pension into cash 6 mths ago, but it'll be another year before it goes back into shares.

jeremy, hassocks, sussex

Well folks, if you didn't see this one coming then you are blind. I got my 401K (retirement acct) out of stocks 6 Months ago and it's sitting on the sidelines waiting for the bottom of the market. Things will settle down and commodities will bust, then stocks will start to rise, it all comes bak

Paul Bahre, Granby, CT, USA

The B of E should have cut rates whilst they could, as the Fed did. So whilst inflation now makes rate cuts unworkable Mr Bean should be unblocking the lending jam by ensuring those banks coming to his lending window pass on 100% to borrowers at 'reasonable' terms, ie base + half percent max.

Will, Lincoln, UK