George Soros, the man who made a $1 billion profit in 1992 from anticipating Black Wednesday, says that the US recession is likely to be longer and more serious than currently expected and economic prospects are “in some ways” worse for the UK.

Speaking to BBC’s Robert Peston he said that the UK economy was in a more fragile state than the US economy because the housing boom in the UK was twice the size of that in the US and because the UK was so reliant on the financial sector – it being 21% of the economy.

Well worth a watch. If he is right construction and property are in for a rough ride. Is he though?