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

  • Featured Miliband announces plans to scrap the Lords – and introduce an elected Senate of Nations and Regions

    Miliband announces plans to scrap the Lords – and introduce an elected Senate of Nations and Regions

    In a speech to Labour’s North West regional conference in Manchester, Ed Miliband will announce that a Labour government would abolish the House of Lords and replace it with an elected Senate. That has (broadly speaking) been Labour policy for some time. But there’s a twist. Miliband wants this new Senate to be a representative body made up of those from all of Britain’s Nations and Regions, as part of a new constitutional settlement to be decided by a constitutional […]

    Read more →
  • News Miliband speaks out on anti-semitic abuse targeted at Luciana Berger – and calls on social media companies to act

    Miliband speaks out on anti-semitic abuse targeted at Luciana Berger – and calls on social media companies to act

    As we reported last week, Labour MP and Shadow Minister Luciana Berger has been the victim of a sustained torrent of disgusting online anti-semtic abuse. Ed Miliband has hit out at Berger’s abusers today, calling on social media companies to be more proactive in tackling sustained, orchestrated abuse. He told Jewish News: “The anti-Semitic abuse that Luciana Berger has experienced over recent days is utterly appalling and has absolutely no place in our country. We must have no tolerance for this vile […]

    Read more →
  • Comment The debate about building ‘the homes we need’ has to go beyond numbers

    The debate about building ‘the homes we need’ has to go beyond numbers

    Big numbers abound in housing debates and rightly so. Two-hundred thousand new homes – the number the Labour frontbench has committed to building annually – is a response to the housing crisis that is starting to approach the scale we need. But the debate about building ‘the homes we need’ has to go beyond numbers. To make the point, look at the extreme case of ‘buy-to-leave’ homes that are bought off-plan as investors’ latest fancy and sit there empty in […]

    Read more →
  • Comment The mansion tax is a progressive tax and Labour in London should support it

    The mansion tax is a progressive tax and Labour in London should support it

    For those of us who believe in progressive taxation the last few weeks in London Labour have been pretty dismal. We seem to have an array of Labour MPs (mainly wannabe London mayoral candidates) and council leaders rushing to the press denouncing the proposed mansion tax as a’ tax on London’ (or if they were more honest a tax on the rich parts of London). Yes the promotion of the Mansion Tax has been inept and it would more accurate […]

    Read more →
  • Comment It’s time to put the Green Belt back on the table

    It’s time to put the Green Belt back on the table

    The UK’s housing crisis has finally been recognised across the political spectrum as an issue that needs urgent attention. Yet despite this consensus, political inertia on housebuilding has seen subsequent governments fail to create policies that address the issue coherently and strategically. Labour’s recent Lyons Review demonstrates a commitment to house-building, with a target of constructing 200,000 homes a year. Yet while the Review recognises that the housing crisis is not evenly spread, requiring different solutions in different places, there is […]

    Read more →