Friday, Aug 21, 2009
Tractor production up!
Metro: Recession 'will end in 40 days'
The recession will end in 40 days, economists believe - but the recovery will be slow as the country struggles to pay back £800billion of public debt. On September 30, figures are expected to confirm that our gross domestic product for the three months to that date will have grown by up to 0.25 per cent. This will end five consecutive quarters of negative growth and the recession - defined as two consecutive quarters where GDP contracts - will technically be over. The prediction was backed up by a raft of positive economic data yesterday. Mortgage lending jumped 26 per cent in July to £16billion - a nine-month high - while home loan approvals stood at 80 per cent compared with 70 per cent at the start of the year.
Posted by mark wadsworth @ 10:17 AM (799 views) Add Comment
15 Comments
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1. bluebeach said...
Tractor production is most definitely not up...... not the yellow ones anyway... production is in the doldrums and will stay that way well into next we are told... Our business was the first to see the recession and will be the first out, but it ain't happening yet.
2. timmy t said...
So we are struggling to pay back the debt we already have, but are supposed to see an increase in borrowing as positive. What sort of twisted logic is that?
3. fahrenheit451 said...
Sheer madness, there is no credibility in the concept that the recession has ended, unless you redefine the meaning of the word "Recession", again. This is not even possible until SME's are starting to make a reasonable profit, and reduce the unemployment problems. Neglecting SME's is GBH's fault, public spending is no compensation for the damage that has been wrought.
The most visible sign of this will be that the vacant high street shops will start to fill up.
Only then will the money start to flow through the economy, but hopefully not as wantonly as before.
4. matt_the_hat said...
So if you take away the 56% GDP which the government borrowed to prop up the economy - GDP has shrunk by approx. 56% or am I missing something??
Probably some accountant will tell me that we should amortize this over the period of this millennium or something.
5. bluebeach said...
I do believe that there definitely is some sort of “good news… things are back to normal” conspiracy going on in this country. Car producers say sales, due to the scrapage scheme have never been so good, yet production/sales were down 17.9% in July we are now told. Banks and Estate Agent tell us to fill our boots now, before it’s too late. Yet our own Chancellor told us in the Telegraph recently not to believe any of the hype and that it will be a long long difficult road to anywhere near to where we were a year or two ago….. I now believe only what my eyes tell me in my own area and to hell with the twisted and misleading reporting going on in Britain today.
6. will said...
Next recession in 50 days!
7. mrflibble said...
Phew... That was close... For a minute there I thought we were in for a hellishly long nightmare involving us paying down this huge debt pile... Just as well we have such a savvy Prime Minister keeping the wolves away from our door...
8. phdinbubbles said...
Abou as convincing as the 'It'll all be over by Christmas' sentiment of first world war fame.
9. alan said...
"The overall public debt has reached £800billion, which accounts for 56.8 per cent of GDP. Paying some of that back is expected to hamper the recovery".
REALLY !!
...any jobs going for financial journalists? CV enclosed...
10. jonb said...
The end of the recession means it has stopped getting worse. That for the moment anyway, is probably true. But things aren't getting any better either.
11. 51ck-6-51x said...
I think this says it all...
John Higginson is the chief POLITICAL correspondent/b> not one of their economics ones.
I wonder what the source was to trigger this front page article.
- We may well have an increase in GDP over the summer, so what? We still owe 13K each & rising, it's going to have to go very +ve to offset that obligation.
12. 51ck-6-51x said...
Bah. I wish we could edit our posts.
I think this says it all...
John Higginson is the chief POLITICAL correspondent not one of their economics ones.
I wonder what the source was to trigger this front page article.
- We may well have an increase in GDP over the summer, so what? We still owe 13K each & rising, it's going to have to go very +ve to offset that obligation.
13. 51ck-6-51x said...
14. 51ck-6-51x said...
I think this says it all...
John Higginson is the chief POLITICAL correspondent not one of their economics ones.
I wonder what the source was to trigger this front page article.
- We may well have an increase in GDP over the summer, so what? We still owe 13K each & rising, it's going to have to go very +ve to offset that obligation.
15. 51ck-6-51x said...
That's better. - I even closed the bold face tag in that second post... ( the blank 1st line ) odd.