Labour Bury Bad News - UK Recession this year (OECD)

[jesusbuiltmycar]

bbc link

bbc said:

The UK economy is likely to fall into recession this year, according to the Organisation for Economic Cooperation and Development (OECD).

The Paris-based think tank predicts that the UK economy will shrink at an annual rate of 0.3% in the third quarter, and by 0.4% in the fourth.

According to the latest official figures, the UK economy did not grow at all in the second quarter of 2008.

The working definition of a recession is two quarters of negative growth.

bbc said:

The think tank is also gloomy about growth prospects in the rest of Europe, and says the region's three other largest economies - Germany, France, and Italy - will barely grow at all this year.

So sounds like Germany, France and Italy are weathering the storm bettr than us...

So much for GB claiming we are in a better position than most...

[JagLover]

jesusbuiltmycar said:

So sounds like Germany, France and Italy are weathering the storm bettr than us...

So much for GB claiming we are in a better position than most...

If think it would be more accurate to say we are in a worse position than most since the effect on government finances of a recession could be so devasting due to the large deficit being run in boom conditions.

Moreover recent growth has been heavily dependent on credit driven consumer spending.

[deckster]

And in other news, bears observed to defecate in forests and Pope suspected of religious leanings.

There cannot be a single person in this country that hasn't see this coming for months.