Breaking: GDP has slumped by 0.7% in the last quarter. That means Britain’s biggest double dip recession since records began.
Update 1: Apparently rainfall is already being mooted as an excuse for the GDP fall (rain in Britain, rare?) as is the Diamond Jubilee (huge levels of consumption?). It doesn’t wash does it?
Update 2: It’s now roughly seven quarters since the much heralded “spending review”. Let’s take a look at UK growth in the last seven quarters.
This is what George Osborne has done to the British economy. In total Osborne has been in charge of economy for 8 quarters. The economy has shrunk in 5 of them.
Even if you include the first quarter of Osborne’s time in the Treasury (operating under Darling’s spending rules when the economy grew by 0.6%) the economy has still shrunk by 0.2% under Osborne.
Update 3: If the Jubilee was indeed to blame for the recession (two bank holidays and all), then bear in mind what Cameron said about it at the time: “It is not good for the economy, but it was good for the soul.”
No news yet on whether the British soul has expanded or contracted…