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UK In Longest Double-Dip Recession On Record

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  • UK In Longest Double-Dip Recession On Record

    The Government has come under pressure for its economic policies after official figures confirmed Britain is in its longest double-dip recession on record.

    The Office for National Statistics (ONS) has confirmed a GDP drop of 0.7% in the second quarter.

    The estimate is far worse than forecasts for a 0.2% contraction and the steepest fall since the first quarter of 2009.


    British Chambers of Commerce director general John Longworth said: "It is clear that Britain is in the midst of the most prolonged period of stagnation it has faced in decades.

    "Ministers can't expect firms to bust a gut to grow if they fail to take a long-term approach to creating an enterprise-friendly environment."

    The fall may be revised in coming months, but it suggests the UK is mired in the longest double-dip recession since quarterly records began in 1955 and it is believed to be the longest since World War II.
    Quite a long article, so the rest of it is here.

    Bold highlighting is mine.
    Patience is a virtue.

  • #2
    usually the HUGE economic boost from an olympics

    covers up a lot of problems

    managing the post-games contraction on top of this

    will test the coalition gov. and people
    have you defeated them?
    your demons

    Comment


    • #3
      My prediction

      The UK government's response to this doulbe dip reccession......print a crap load more money to finance the debt. I would NOT want to be sitting on UK Pounds. The value of the Pound is going to creamed further over the next couple fo years.

      Any kiwis sitting in the UK planning your move back to NZ any time soon should convert their UK Pounds to $NZ asap.

      Shane

      Comment


      • #4
        Lol, how to pay for the olympics? Print a bunch of money! So easy!

        Why countries bid for these huge loss-making crap-jobs is beyond me.
        Squadly dinky do!

        Comment


        • #5
          People are struggling now. Industry is just dying. There was an article on TV yesterday about a town called Loughborough which is virtually dying (like many small towns here).

          This has been caused by small businesses not being able to cover the overheads, competition with "Big Box" retailers in closer townships, loss of jobs, closure of industry.

          http://www.bbc.co.uk/news/uk-england...shire-18981336

          The Olympics will bring a lot of £'s into the economy. People need food/accommodation, will travel & sightsee.

          The best product they market??....... Royalty.
          Patience is a virtue.

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