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drrayjo

Oecd: World Economy Will Grow Next Year - But Not Britain

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Now I know these Parisiennes probably have it in for us Rosbifs, and are likely to be "generous" in their interpretations of massive US and Chinese Govt. spending masquerading as a sustainable replacement to a broken economic model...but!...

...they really think we done a whoopsy going all-in on house monopoly and jumped-up city whizz kids....

...the OECD had less good news for the UK, revising down its growth forecast this year to -4.3%, the biggest one-year fall in output since 1945. Previously, the OECD had pencilled in a 3.7% contraction for Britain this year. The government forecast is for a fall of 3.5%.The OECD's economic outlook said the UK was in a "severe recession" and could expect only a mild recovery during the course of 2010, when it believes output will be unchanged.

"The financial crisis has severely impaired the supply of credit and house prices have fallen sharply, thus restraining business and household spending."

While the fall in the value of the pound was helping to mitigate the downturn, unemployment is predicted to rise towards 10% in 2010, the likely date for the next general election.

Britain's budget deficit, the OECD warned, would hit 14% of GDP next year - more than £200bn. "To improve stability, the government should continue to develop a concrete and comprehensive plan to ensure that debt is on a declining path once recovery takes hold," the outlook said. It added that the crisis had highlighted significant weaknesses in financial regulation, with further measures needed to strengthen supervision.

http://www.guardian.co.uk/business/2009/ju...ion-uk-forecast

The makings of a 2009 recovereh? Non.

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The OECD may be based in Paris, but they're certainly not (just) French:

OECD member countries:

Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States (30 Member Countries)

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And the figures get revised upwards again.

Downwards, non?

Meanwhile, on Bloomberg...

Britain's Got No Talent: Almost Half of Expatriates Threaten to Leave U.K.

Almost half of U.K.-based foreign professionals are considering leaving as they endure rising living expenses and the recession, more than in any other country, a survey by HSBC Holdings Plc showed.

http://www.bloomberg.com/apps/news?pid=206...id=aBXeBkk_m8zQ

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