Just how long will this recession/downturn/non-growth scenario actually last?

With the incomprehensible amounts of government debt, corporate/banking debt in greater Europe, austerity measures and reductions in spending programmes how can anything but recession be the outcome?

Can the creation of 489 bn Euros by the ECB actually stems the 'contagion' or will much more be needed? Has the US and UK's quantative easing programmes started a 'currency war' against the Euro which will ultimately have no winners?

And what would be the effect on commercial property values (those assets supporting some of these debts) if this situation should prevail? Would all those expensive corporate office rents/values in London be ripe for 'downsizing' and office mobility towards smaller units?

Will austerity hit the City of London?

Following on from the previous comment concerning Japan's experience, it seems singularly appropriate to add that this happened despite the fact that the Shin Bullet Train was operating throughout the "lost decades". Can someone please explain how the high speed rail link with Birmingham is expected to galvanise our economy.

London is still seen as a desirable location for international financial services businesses despite banker bashing and the 50p marginal income tax rate. How long it will remain so if the political climate is so hostile to economic development and any attempt at growth is moot.

Japan's problems were all self made. The UK today faces a world in which Europe, as well as the UK itself, are determined to create mass unemployment and social upheaval on a scale not seen since the 1930s. We can only hope that the lunatics misgoverning us are returned to the asylum before another war breaks out.

The High Speed Train is nothing more than a Political expedient to try and galvanise the existing economy. You can currently catch a fast train to Birmingham from London and arrive in little over an hour and a half later. Years ago I regularly travelled up in the morning, Breakfast on the Train, and arrived in good time to do a days work and travel back arriving about 6 pm. We all know that it would be far superior to invest on upgrading the existing structure which is relatively modern at a fraction of the £50 Billion, and use the remainder on any amount of very useful infrastructure projects. It will not make Britain any more efficient, It is a collosal white elephant going pink. The disruption to peoples family life is incalcuable, and it will lead to Political upheaval on a mega scale. The Government is wrong ,and I believe it is a political ploy that will never see the light of day. The populace will in time see it as utter folly in such a small crowded Island.

A very interesting observation regarding the necessary European compulsory quotation requirement. After the Cross Rail contract and the fiasco of the Bombadier quote, I have no faith in the maximising the benefit to the UK, if the Politicians have got anything to do with it. Siemens must be licking their lips, and could see a way out of their profitability troubles. Incidentally a litlle voice from the inside tells me that the Cross Rail contract is still not yet signed, and all the entreaties to the Govt have fallen on deaf ears, with Cameron adamant that it will not be reassessed, in spite of all the relevant benefits to the UK economy. How does that equate with all this stuff and nonsense. They say politics is a game ,well this is Snakes and Ladders with Britain landing on all the Snakes.