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Recession Here For Two Years, Darling Admits

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http://www.thisismoney.co.uk/news/article....e_id=2&ct=5

"Fears of a two-year recession crept closer today as Chancellor Alistair Darling admitted that the downturn would be even worse than expected.

In his clearest signal yet that he will downgrade his growth forecasts in the coming Budget, he said that the downturn had been 'sharper' than projected.

Gordon Brown also conceded he had failed to foresee the global financial crisis, but, in an echo of Margaret Thatcher, insisted 'there is no alternative' to his plan to pump billions of taxpayers' cash into banks and public spending. "

So we will be in recession for at least 4 years then!!

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I would double it, and add two = 6 years.

If he says a bank needs a £100 Billion bailout, he means £400 Billion.

I have stopped listening to him. If he ever comes on my TV he is instantly drowned out by me shouting at him - my housemate is getting a bit disturbed....

:blink:

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Does this mean they are going to stop trying to spend their way out of a recession?

Surely, it is now obvious that measures such as reducing VAT are not going to solve the problems. They need to start cutting spending on all fronts, and preparing to the worst.

I can't imagine them admitting they were wrong!

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I would double it, and add two = 6 years.

If he says a bank needs a £100 Billion bailout, he means £400 Billion.

At least and that's being generous.

Any govt figure on cost or length of time it will take to get done needs immediately doubling at the very least.

I used a similar formula to come with GDP contraction of about -8% for this year. Darling said about -2% so I multiplied that figure by 4.

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I have stopped listening to him. If he ever comes on my TV he is instantly drowned out by me shouting at him - my housemate is getting a bit disturbed....

:blink:

Same here as far as GB concerned. Only ever opens his mouth to lie and spin or to blame someone else. AD has a bit more credibility IMO.

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It's not his fault...As the Badger explained...

"it is undoubtedly sharper than many people believed, partly because you have seen industrial production go down because of exports".

Earlier today Gordon told us the stimulus hadn't worked yet because other countries had not follow him in concerted global action, and once they followed his lead it would all be fine.

So nothing to do with mismanagement of the UK then.

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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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