It’s recession

April 25, 2012 9:38 am

It’s a double-dip… (GDP fell by 0.2%)

  • trotters57

    Osborne’s a perfect combination of arrogance, incompetence and ideology.

  • Trudge74 as alexwilliamz

    If this is true, it is depressing news and extremely frustrating. Maybe now the rhetoric will have to change to reflect reality, including the fact that this gvt is not actually cutting the deficit either.

  • http://twitter.com/gonzozzz dave stone

    Plan A is up the creek. Austerity has failed. And this is just the beginning.

    • AlanGiles

      What a good job his dad still has the wallpaper factory. At least he won’t have to cope on JSA because I am sure they can find a job as a tea boy for him (unless Jeremy Hunt gets there first)

      • Mike Homfray

        So much for the lovers of coalition economic policy – wrong again

        • http://twitter.com/gonzozzz dave stone

          I think it was Steve Richards in the Independent, a week or two ago, who commented on the foolhardiness of Labour’s Tory faction hitching their wagon to policies that are about to fail and therefore become discredited.

          It seems the Blairites would rather have Labour go down with the Tories than develop a viable alternative to the mess we’re in.

          • AlanGiles

            Absolutely true, and yet if it all goes wrong and end in tears the Blairites will still blame all that goes wrong on “left wingers”, it is their default position

  • Brumanuensis

    I suspect the data will be revised up once March is included and we might get growth of 0.1 – 0.2%.

    This will still be utterly abysmal, but you can bet your bottom pound that the government will insist this vindicates them.

    • trotters57

      That’s irrelevant and not necessarily the case anyway.
      History shows that GDP revisions can go both ways although the Tories will no doubt spin it the way you suggest.
       The figures say we have a double dip, that’s it.

      • Brumanuensis

        Well the bulk of the figures cover Jan and Feb, when retail sales were weakest (+0.3 and – 0.8%). I think March retail will add on 0.1%, so -0.1% ultimately. What the rest comes out to, I’m not sure, but I think the PMI surveys might indicate an upward revision. We shall see.

        • trotters1957

          The ONS have been fiddling the figures by use of the GDP deflator.
          Basically they understate inflation so there appears to be growth when there isn’t! Magic!
          In 2008 the ONS deflator understated growth.

          I have worked for the ONS for short periods, it’s incompetent and deeply politicised.

          Google: GDP deflator

          • Brumanuensis

            I know what a GDP deflator is trotters, I studied economics at University. I can’t comment on your experience of the ONS.

  • http://www.facebook.com/Leadersoffice Brett Harrison

    Of course its true what do people expect? Cameron & Osborne have plunged this country back into recession. The austerity measures the’ve implemented are to fast and severe and people are hurting…and I mean hurting. And what’s more its going to get a damn sight worse. What i’d like to know is where is Clegg in all this? you hardly see him… does he know theres elextions next week??

    • Paulwol

      Are you the former policeman who’s putting his name to these God awful anti Boris flyers, one of which I’ve just received?  Thanks for the thought if it is you Brett.  Firstly I’m not your friend, secondly, I don’t care what you think and thirdly, what you have spurred me to do (apart from voting for Boris for the sheer hell of it) is to enquire of the electoral commission as to whether your ‘letter’ meets the guidelines for official political .

      What concerns me is that the mention of labour is so small that many people will not even see it and when coupled with the scrawly faked handwritten style of the note some people may not see it as the rather pathetic piece of electioneering it is.

      If you really care about the deficit and the cuts get your mate Ken to pay his taxes.

      If it’s not you then carry on.

Latest

  • Comment Freelancing needs a policy agenda of its own

    Freelancing needs a policy agenda of its own

    The self employed are often the ‘most entrepreneurial, go-getting people in Britain’ . That is what Ed Milliband said during his conference speech when he placed a commitment to the self employed and albeit freelance workers at the heart of his election pledges for the general election. One of Labour’s six pledges is to provide equal rights to the self employment. As Ed Mililband noted ‘two out of three don’t have a pension, one in five can’t get a mortgage. […]

    Read more →
  • Comment Cameron’s pledge to scrap the Human Rights Act shows he’s legally illiterate

    Cameron’s pledge to scrap the Human Rights Act shows he’s legally illiterate

    In a crowded field, there is one issue which can always evoke splenetic outrage in the Daily Mail and the Tory backbenches: the Human Rights Act. And so it came as no surprise that its abolition ‘once and for all’ formed an integral part of David Cameron’s speech to the Tory conference. He had a simple pitch: the UK government is being told what to do, not by its own Courts but by Strasbourg. So we need a British Bill […]

    Read more →
  • Featured Cameron’s Tax Cut is a Tax Con – but it’ll be popular, and highlights Labour’s missed opportunity

    Cameron’s Tax Cut is a Tax Con – but it’ll be popular, and highlights Labour’s missed opportunity

    David Cameron’s conference speech today was well-delivered, punchy and memorable. It had a clear top line to grab the evening news headlines, and his populist tax cuts will be the overwhelming focus of tomorrow’s front pages. This was cheese to Miliband’s chalk. Whilst the Labour leader appeared to lack energy last week, and his headline announcement leaked in advance (and wasn’t sufficiently headline-grabbing to grab headlines), Cameron was surprisingly pumped up, energetic and forceful. He was also doling out policy like […]

    Read more →
  • Comment Dismantling Britain’s despotism

    Dismantling Britain’s despotism

    The fictional town of Dunchester is the scene for a right-wing science-fiction novel by nineteenth century author H. Rider Haggard. It is also the site for a fantasy game used to recruit and train British civil servants. The Tory novel is about radicals trying to block experts and professionals from saving Dunchester from an epidemic of plague. The civil service game allows players to spend £20 million in regenerating a fake town with the same name. Players take the role […]

    Read more →
  • News Video “This is who we resent” – David Cameron lets slip what he actually thinks

    “This is who we resent” – David Cameron lets slip what he actually thinks

    Unfortunate Freudian slip for David Cameron during his Conference speech today: “This party is the trade union for children from the poorest estates and the most chaotic homes; this party is the union for the young woman who wants an apprenticeship; teenagers who want to make something of their lives – this is who we resent.”

    Read more →
7ads6x98y