Clegg admits spending cuts have ‘chilling psychological effect’

Nick Clegg, the British deputy PM, has said in an interview with the Financial Times that the government will forge ahead with their austerity measures despite the chilling psychological effect that these cuts are having in Britain.

The interview was given ahead of the Davos economic forum, where George Soros yesterday said that the British government will have to rethink its cost cutting strategy or else risk sending the UK economy back into recession.

Looks like us cable traders should prepare ourselves for some more volatility over the coming weeks and months.