The UK recession has deepened, latest official figures have shown, after the output of the economy fell by 0.7% between April and June.
The contraction was much bigger than expected and follows a 0.3% drop in the first three months of the year.
Chancellor George Osbourne is quoted as saying "La la la la I'm not listening"
All part of their plan.
And it'll continue to as well. Its only heading in one direction while these braying, chinless hooreys are at the helm. Effing clueless!!!
But hey... who cares? When you're safely insulated from it all
Revolution anyone?
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I'll get me pitchfork.
Yep, we're all doomed, the end of the world is nigh and the country is going to the dogs.
As there's chuff all I can do about it at the moment I think I may as well go for a bike ride.
Anyone on here own their own business? How are you doing?
We are the same as last year ,so not panicking just yet.
One of my customers has a large building company and he is turning down work.
When they came to power the coalition prediction 5% growth by now, we've seen the economy shrink by 0.3% instead.
George is too busy meddling with renewable energy subsidies and cow-towing to the fossil fuel lot. His fingers appear to be firmly in his ears when it comes to listening to people about decarbonising the economy.
How does this compare with the other countries in europe (on average)?
hold on the mightt=y charriot of free enterprise is just warming up for the onslaught of jobs from the "wealth creators and all the joys it will bestow on us..i think i can hear it coming right now.
PS nice to see the tories reminding us about tax avoidance
That is the Tory led governement with the father of the PM who was instrumental in setting up andmade his millions voa a tax avoidance company
FFS get your own house in order befor epreaching to me you amoral ****s
ah that feels better
His fingers appear to be firmly in his ears when it comes to listening to people about [s]decarbonising the economy[/s] absolutely anything at all.
FTFY 🙁
BBC:
"It looks like construction has done a lot of the damage,"
Actually, that'll be Govt spending cuts in infrastructure and construction alongside private sector reluctance to invest meaning the construction market is in freefall.
Can anyone explain to me why construction is seen as the holy grail to get the UK out of it's current financial mess?
It may have worked in the '30's but I don't see why it will save us now? After all the whole world is a different place now and the '30's ended with a bit of a punch up which might have had something to do with it.
How does this compare with the other countries in europe (on average)?
have you heard of Google it answers all these questions and more
Baddly is the short answer though not as bad a ssay Oreland, Spain, Grece or Italy
Glocbally we are 165 for GDP growth out of 182 countries
Take that Andorra, sudan and Syria.
have you heard of Google it answers all these questions and more
Why bother? 😀
Don't worry about it. Watch the 'lympics instead.
It may have worked in the '30's but I don't see why it will save us now?
If we start from the premise that there are more households being formed than houses being built there is a demand, the problem is money. Who pays and who buys the houses, someone has to invest money.
hold on the mightt=y charriot of free enterprise is just warming up for the onslaught of jobs from the "wealth creators and all the joys it will bestow on us..i think i can hear it coming right now.
Yes, because since we decided that we couldn't possibly introduce a Tobin tax, or regulate the finance industry in any way, and we cut taxes for the highest earners, I believe the 'wealth creators' are now really fired up and motivated, free of stifling government meddling - can't wait for them to really get things going.
exciting times.
Not wanting to be overly gloomy but financially, as a nation, we are stuffed and thus will bounce along the bottom for a long time. As many other nations are in the same boat the tried and tested route of drop your currency value to stimulate growth tactic will not work and as we carry massive public debts this risks impacting the borrowing rate. The only realistic way forward is a long slow recovery with bumps along the way, it would not surprise me if such bumps turn in to a triple dipper or more.
But it could be worse i.e. Greece / Spain / Ireland / Italy or worse still Germany who will end up facing the prospect of underwriting the whole mess or letting it all blow up and trying to pick up the pieces.
we have just not given them enough money yet [ dig deep plebs]. Is this the third or is it fourth bail out of the banks / giving them funds whilst encouraging them to lend.
thanks god they did not loose theior bonuses whilst they were being bailed out by us, fiddling the LIBOR and not lending as agreed when we gave them the money...they really are laughing all the way to the bank 👿
Anyone on here own their own business? How are you doing?
Mid size manufacturer so exactly who should be suffering. But luckily we are continuing to see growth by being in relatively defensive sectors. We do have one sector under performing which I have put down to economic factors and a tightening of budgets but overall up as I say.
Seems to be quite a unique position, over the last 3 years I have seen so many companies come and go on our Estate!
I was worryingly quiet at my consultant job most of this year, but as it happens a load of people have spontaneously quit of their own accord, and I'm now also tied up til the end of the year.. fingers crossed!
To be fair, they did cite the bad weather and extra bank holiday as mitigating factors. After all one day is 1.5% of a quarter; ok so there was still plenty of activity on that day anyway but it's enoguh to make a significant dent in output.
NB I am in no way supporting the current government or its economic policies!
Should we not just throw a few hundred billion of taxpayers money at the banks? That's worked well so far.
Oh... Actually ..... that's probably what they're preparing to do isn't it? Again?!
And to think, these lot used to criticise labour for just chucking money at failing institutions, without reform 🙄
I am going to coin a new internet acronym.
IABMCCTT
It's a bit more complicated than that, Binners.
Blaming the Banks is a bit of an over simplification. Whilst there have been some unethical and possibly criminal things going on in Banks the overall level of indebtedness of our economy in all sectors is not solely the Banks fault. There are two players in every bank loan and both are equally responsible for the position they take on.
The Banks are now rightly reigning themselves in and ironically the tighter lending control is a large part of the current problem hence the Politian’s dilemma of bashing Banks for bad practice with one hand yet trying to encourage lending on the other.
but we were told that the jubilee would boost spending!
http://news.sky.com/story/21877/jubilee-britons-set-for-big-spending-spree
the failure to push for a europe wide (global?) tobin tax and action against tax havens shows exactly whos interests our government are looking out for
molgrips - what does the second "C" stand for?
It stands for fat fingers.
Ah. I see. Thanks!
blaming the weather and bank holidays is clutching at straws.
Why?
Are you arguing that having 1.5% fewer days on which to make money would not be a factor in a drop of 0.7% in output?
how come the extra day in february this year didn't boost the economy then?
molgrips - what does the second "C" stand for?
Is it '[i]that[/i]' C word? With 'ing' at the end of it? So... It's a bit more ****ing complicated than that, Binners.
If so, I'm liking that 😀
Lol 🙂
how come the extra day in february this year didn't boost the economy then?
Maybe they factor that in, since it's a regular occurrence. The ONS chap on the radio did say they'd be revising figures, but I dunno if they are compensating for it.
No idea how they calculate this stuff.
Blaming the Banks is a bit of an over simplification. Whilst there have been some unethical and possibly criminal things going on in Banks the overall level of indebtedness of our economy in all sectors is not solely the Banks fault. There are two players in every bank loan and both are equally responsible for what the position they take on.
Some unethical and probably criminal...no need for caveats lets just discuss how
So the banks are so bad at lending they lend money to folk they should never have lent to who could not possibly pay it back ...but it is their fault for applying rather than the banks fault for agreeing.
So even when they are uttelry shit at their job [ which i assume is to only lend money to people who will pay it back] it is still not their fault.
Yes it takes two but one is a clueless numpty with no financial training whatsoever and no business accumen and the other is just someone trying to borrow money 😉
No idea how they calculate this stuff.
Basically a survey. Businesses have to complete them each month, sales, export sales, new orders received and so on. Not all business of course, a sample.
how come the extra day in february this year didn't boost the economy then?
Maybe it did - it might have been even worse
Should we have a sweep on the next 'dog ate my homework' excuse from Gideon, for this present quarters disastrous results
The Olympics are definitely going to cop the blame I reckon. They're a shoe-in! Or it could be Bradley Wiggins fault for so many people going to France to watch him
Why?Are you arguing that having 1.5% fewer days on which to make money would not be a factor in a drop of 0.7% in output?
that's right. every body stays at home, no one shops on the internet and no food is eaten, no petrol is bought. the economy stops completely for 1 day.
teef you are right, maybe it did. just that i don't recall being congratulated for working the extra day, but do seem to recall getting moaned at for taking an extra bank holidays and not spending enough money (moaned at metaphorically, as opposed to literally 🙂 )
from the grauniad
[i]Brendan Barber, the general secretary of the TUC, made the telling point that the economy is now smaller than it was when the coalition came to power in 2010. That is a quite appalling performance, especially in the context of 0.5% bank rate, £375bn of electronic money creation and £500bn-plus of public borrowing since the recession began.
The bottom line is that the government failed to recognise just how sick the economy was when it took office in 2010. Its blundering incompetence has made it sicker.[/i]
that's right. every body stays at home, no one shops on the internet and no food is eaten, no petrol is bought. the economy stops completely for 1 day.
That's not what I said, is it? I didn't say NO money was taken, in fact I even acknowledged your point that some was. But GDP is lower on a bank holiday.
[i]Should we have a sweep on the next 'dog ate my homework' excuse from Gideon, for this present quarters disastrous results[/i]
There's always the Queen and her extra day off. That one really screws us every 60 years.
But my money would be on the weather, its the wrong kind of hot for economic recovery.
