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Recession Now Official

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Those of you who thought the BBC were using the word downturn (Brownturn) under some kind of instruction, check below. I think they were just waiting for the official statistics to define it first.

Brown said 'Recession' at PMQ yesterday and now the BBC have a 'recession tracker' link on the business page taking you to this:

http://newsvote.bbc.co.uk/1/hi/business/7789844.stm

They must have had all this primed and ready to go.

Edited by deflation

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I don't think there's an economic definition of a depression.

What strikes me as unusual is that unemployment never fell below 2 million in the late 1980s when we had high house price inflation.

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I don't think there's an economic definition of a depression.

What strikes me as unusual is that unemployment never fell below 2 million in the late 1980s when we had high house price inflation.

4 quarters of -ve growth ?

Edited by Lander

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I don't think there's a consensus on the definition of depression.

Be aware that all these terms - slump, depression, recession - tend to come into being as euphemisms for the same thing.

"Depression" was used in the 19th - 20th century as a general term for a period of economic contraction.

But the 30s depression turned out to be so bad that in the next downturn (50s) a new euphemism was created: "Recession"

This one seems to have stuck.

The coiners of the words "depression" and "recession" would not have had a specific idea that a depression is this big, a recession is this big, etc... in retrospect, "recession" has now been given an "official" definition. "Depression" and "slump" have not.

Edited by Selling up

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Hmm. Even the 'Downturn' logo has changed.

Old habits die hard. In their headline article about the recession being official they dtill use the word downturn. However, they do use the past tense.

linky

The downturn was "broad-based" our economics editor added, saying that the bleak manufacturing data ended "any prospect of this being a white-collar recession that would largely escape manufacturers ".

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Hmm. Even the 'Downturn' logo has changed.

Yes, gone from a sort of 'brewer's droop' to a thick, straight arrow heading down. I doubt they use consultants so maybe their graphics dept are bearish and member of HPC? I seem to have read a few posts from members of the meeja, including the BBC.

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I'll give the Beeb the benefit of the doubt. They've been using the word "recession" in their reports more and more recently, and they probably shouldn't have changed the logo until it was official, lest they be set upon by the "stop talking us into a recession" brigade.

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not too long ago, in a world far far away, houses had reached a new plateau.

it was a new paradigm. sound fundamentals. no more boom and bust.

then the growing possibility of a bank collapse was mocked.

as was the probability of a deep recession. then gold was mocked.

now who's going to mock a possibility of a uk depression ?

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I don't think there's an economic definition of a depression.

What strikes me as unusual is that unemployment never fell below 2 million in the late 1980s when we had high house price inflation.

It never fell below 2 million this decade, either.

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Isn't the definition something like

When your neigbour loses his job , it's a recession

When you lose your job it's a depresion

<_< Lots of disagreement between neighbours then

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We will know when acceptance has arrived, when instead of fluffy "downturn" or mildly scary "recession", we get:

mushroom_cloud.jpg

With acknowledgements to the usual people

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Durch gave a heads up on here a while back that the previous scary word (before recession was used), was in fact "slump". Portillo used this last night on This Week. Perhaps "downturn" will become as feared as depression in generations to come...

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Durch gave a heads up on here a while back that the previous scary word (before recession was used), was in fact "slump". Portillo used this last night on This Week. Perhaps "downturn" will become as feared as depression in generations to come...

And bananas I believe :blink:

I doubt downturn will be as feared because it has shifted to recession.

Credit crunch on the other hand...

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Those of you who thought the BBC were using the word downturn (Brownturn) under some kind of instruction, check below. I think they were just waiting for the official statistics to define it first.

Brown said 'Recession' at PMQ yesterday and now the BBC have a 'recession tracker' link on the business page taking you to this:

http://newsvote.bbc.co.uk/1/hi/business/7789844.stm

They must have had all this primed and ready to go.

Howard Davies used the word "depression" on radio 4 yesterday evening regarding the UK economy. He should know. I almost verred off the road.

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Look, it´s as easy as this.

According to Wikipedia:

"a depression is a sustained, long downturn in one or more economies. It is more severe than a recession.

Some economists require a fall in GDP of 10 per cent or more before a recession would be referred to as a depression".

NOTE the word DOWNTURN, the beeb have been using that wordage for a while now.

WE are already IN a Depression, just that to bump up the GDP over the years, Massive amounts of money have been borrowed, currently BRITAIN is borrowing MORE than 10% of it´s GDP to prop up the econony.

It is cheating the terminology of the discription of what is a depression, but we are in one all the same.

ALL this cr*p about heading towards a recession.

WE are in a depression, and have been for quite some time.

As are the yanks.

both they and us are finished.

B)

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Guest theboltonfury
Look, it´s as easy as this.

According to Wikipedia:

"a depression is a sustained, long downturn in one or more economies. It is more severe than a recession.

Some economists require a fall in GDP of 10 per cent or more before a recession would be referred to as a depression".

NOTE the word DOWNTURN, the beeb have been using that wordage for a while now.

WE are already IN a Depression, just that to bump up the GDP over the years, Massive amounts of money have been borrowed, currently BRITAIN is borrowing MORE than 10% of it´s GDP to prop up the econony.

It is cheating the terminology of the discription of what is a depression, but we are in one all the same.

ALL this cr*p about heading towards a recession.

WE are in a depression, and have been for quite some time.

As are the yanks.

both they and us are finished.

B)

they'll have to come up with a new logo for the recession. Probably one of Mandleson's great chums in advertising

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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