The UK within a whisker of going back into recession 2nd quarter.

[Uncle Spielberg]

Truely disasterous figures.

The UK’s economic growth slowed down in the three months to June and is too weak to support a hike in the base rate, a leading think tank has warned.


The National Institute of Economic and Social Research says it estimates GDP grew by 0.1% in the three months ending in June, following growth of 0.5% in the three months ending in May.

This would suggest almost 10 months of zero growth in the UK as each increase is largely cancelled out by a contraction or near contraction in the following months.

.The NIESR’s report says: “The effects of one-off events in April have depressed the overall quarterly growth rate. However, even accounting for these factors the underlying rate of growth is still likely to be weak.

“These figures do not provide a picture of economic growth that would support a tightening of monetary policy at this juncture.”

The think tank says it believes the current period of depression, defined as when output is depressed below its previous peak, is likely to continue for some time, while GDP will not surpass its peak reached in early 2008 until 2013.

 

[Beach Hut]

Still always a positive that was interest rates remaining the same..........

12 pages anyone

 

[supaseagull]

Well done David & George...Keep blaming the last labour governments for 14 months of your f*** ups

 

[Gritt23]

Not good, but equally, it's not "truly disasterous" either.

 

[Tony Towner's Fridge]

Let's not underestimate the task ahead of this government. I reckon the knew the dire state of the economy and finances that they inherited. just that no one would get away with saying it will take 4 years to sort it out. Still, get the PSB right down, trim the civil service and get some enterprise initiatives underway and we may just pull through in 2013.

Blair, Brown and Darling should be taken to the Tower ...of that I have no doubt.

TNBA

TTF

 

[Uncle Spielberg]

0.1% growth in 9 months is disasterous.

 

[Uncle Spielberg]

This is before all the cuts really start to bite. There is a 50/50 chance we will be in recession come the 3rd quarter. Certainly my sector has ground to a complete and total standstill.

 

[beorhthelm]

its not going well. seems they are too focused on the keeping spending down, nothing to encourage growth. wheres the bonfire of the qunagos and red tape? companies have apparently a record amount of cash on their balance sheets, but no incentives to invest it.

 

[Pavilionaire]

Truly disastrous figures? Let's get one thing straight. GREECE has truly disastrous figures, PORTUGAL has truly disastrous figures. Our figures, by comparison, are merely DISAPPOINTING.

Yet, given that food, energy and petrol prices are increasing exponentially it's a miracle there's been ANY growth at all.

Most of Europe's Chancellors would bite your hand off if offered 0.5 growth for the rest of 2011. I also think that the UK will experience an Olympic bounce in 2012, paertly because of the feelgood factor and partly because of the injection it will bring to the capital and the UK economy overall.

 

[Uncle Spielberg]

The balance is too severe. I think the British people have all but given up hope now and that is not good. Grant nailed it last night when he said the country needed a boost. We are all ground down. The problem is the coalition have not given even a mere hint that things may get better one day , its just constant gloom and doom and bad news. They should try and give a more positive spin like put up with the pain now and things we lead to a better and brighter future.

 

[Ex-Staffs Gull]

No UC, truly disastrous figures would be as Spain or Greece. The uk had growth. Not great but not disastrous!

Oh and as for good news, bad news sells more papers. It is all about the spin.

 

[Uncle Spielberg]

Truly disastrous figures? Let's get one thing straight. GREECE has truly disastrous figures, PORTUGAL has truly disastrous figures. Our figures, by comparison, are merely DISAPPOINTING.

Yet, given that food, energy and petrol prices are increasing exponentially it's a miracle there's been ANY growth at all.

Most of Europe's Chancellors would bite your hand off if offered 0.5 growth for the rest of 2011. I also think that the UK will experience an Olympic bounce in 2012, paertly because of the feelgood factor and partly because of the injection it will bring to the capital and the UK economy overall.

We are not Greece or Portugal though. We are , or were the 4th biggest and most successful economy in the World. We have always had the bar a little higher in the past. We are now bumping along the arse end of the World stage with no signs that things are going to improve in the medium term.

 

[brightonrock]

The detritus is truly about to strike the rotary ventilation device. What I'm growing very bored of is "we inherited", "we took on" from Dave et all EVERY. SINGLE. TIME. they have to cut something else. I'm actually beginning to not care whether its Labour, Tory, Lib Dem or bloody Monster Raving Looney Party (often not that noticeably divisible) in power, and I sort of don't care who caused or didn't cause the problems in the first place. The important thing is what happens next, what is going to actually be done, and logical justification of those decisions. Not "but I'm just cleaning up your mess" to mask every unfair and unjust attack on areas of the populus who aren't to blame for the shit we're in.

 

[Titanic]

... its just constant gloom and doom and bad news. They should try and give a more positive spin like put up with the pain now and things we lead to a better and brighter future.

Perhaps you could make a start yourself? After all, we are all in this together!

 

[Buzzer]

We are not Greece or Portugal though. We are , or were the 4th biggest and most successful economy in the World. We have always had the bar a little higher in the past. We are now bumping along the arse end of the World stage with no signs that things are going to improve in the medium term.

There's nothing like a bit of reasoned perspective and that's nothing like...etc etc. Clearly we are not bumping along at the arse end. Countries such as Zimbabwe are doing that. We're bunnyhopping along somewhere between the belly button and that mole just below the left tit of the world economy.

 

[Codner's Crackpipe]

There is a 50/50 chance we will be in recession come the 3rd quarter.

Isn't "recesssion" defined by at least 2 consecutive quarters of negative growth?

 

[Pavilionaire]

We are not Greece or Portugal though. We are , or were the 4th biggest and most successful economy in the World. We have always had the bar a little higher in the past. We are now bumping along the arse end of the World stage with no signs that things are going to improve in the medium term.

Your analogy is like an Arsenal fan saying it's disastrous they didn't win a trophy in 2010/11. No, it's DISAPPOINTING they didn't win a trophy but, like the UK, they're still a permanent contender and in the mix for next season. On the other hand, it's DISASTROUS for West Ham (aka Greece) to have got relegated, and to be missing out on players like CMS to emerging clubs like us.

 

[Uncle Spielberg]

The figures are bloody awful whatever way you slice it.

 

[Simster]

I'm torn. On the one hand, I want to blame the current incumbents for their disastrous spending cuts, but they haven't even beginned to bite yet. But when they do bite, the economy will be screwed unless we've started trading again and shown the world we are open for business. On the other hand, we have been a net importer for far too long, and the only way to truly emerge from this shit is to start exporting. Unfortunately, nobody has any money except China, and they now realise their economy will be f***ed unless they can start selling their goods again themselves, so it is in their interest to open up their own markets. Japan had this problem in the mid 90s.

I would love it if the government could further negotiate with the CHINKS so that we gain access to their markets, particularly in goods and services where we excel.

 

[Simster]

The figures are bloody awful whatever way you slice it.

They're really not. Surely the economy is still expanding, albeit at a ridiculously slow speed?