Tuesday, May 12, 2009
The goalposts have just been moved
BBC: UK recession 'less bad than 1929'
The National Institute of Economic and Social Research today said that 'while its figure of 1.5% made the fall in output less steep than the 1929 recession, it is still greater than the 1979 recession, the largest previous fall since World War II.' So in other words the current recession in the UK is worse than the last big one when the Tories were in power after the failure of the Callaghan led Labour government.
Posted by enuii @ 10:30 PM (497 views) Add Comment
3 Comments
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1. mark wadsworth said...
And apparently the Kobe earthquake wasn't quite as devastating for Japan as the bombs dropped on Hiroshima and Nagasaki.
2. drewster said...
Nice title and summary, enuii.
Makes you wonder how much worse it will all get? Although in the complete absence of any form of (small-L) labour movement, it's hard to see how we could have a repeat of 1979. Estate agents and car dealers going on strike? Picket lines outside Woolworths? Somehow I just can't see it.
3. alan said...
BBC are trying to put a positive spin on a very bad situation. This has been repeated across their whole site.
I don't think they should go to the opposite extreme and doom monger, but I would have expected a more balanced view from an organisation which is funded by the taxpayer (me)!