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Darling - Smoking Crack On Bbc Radio

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Economy on track to grow by end-2009 -Darling

LONDON (Reuters) - The economy is still on track to start growing again by the end of the year, Chancellor Alistair Darling said on Tuesday, reiterating his budget forecasts after evidence of swifter recovery elsewhere.

Economic data in recent days has shown several major economies such as Japan, Germany and France returning to growth in the second quarter after steep recessions, while the British economy shrank a much bigger than expected 0.8 percent in Q2.

"We do need to be cautious when you get these numbers, whether they are our numbers or other numbers," Darling told BBC radio, alluding to the fact that GDP estimates are often revised.

Britain has taken unprecedented steps to prop up its fragile banking sector during the financial crisis and resulting recession as well as injecting around 25 billion pounds into the recession-hit economy through fiscal stimulus measures.

"If you look at independent forecasters -- they have all been coming to the same conclusion and that is that the British economy will start to grow at the turn of this year and we will see modest growth next year," Darling said.

Darling, who also said global efforts to revive economic activity were having an impact, forecast in his April budget that growth would resume in Britain at the end of the year.

He will update those forecasts at the prebudget report, which is due later this year.

Darling also said inflation in Britain, which unexpectedly held steady in July, had yet to reflect downward pressures from global energy prices -- which peaked in the middle of last year but have eased back since then.

"I think you're still to see the full effect of the reduced gas and electricity prices coming though," he said.

Consumer price inflation held at 1.8 percent year-on-year last month despite forecasts for a further easing under the Bank of England's two percent target.

The BoE, which is pumping 175 billion pounds into the economy by buying assets and has slashed interest rates to a record low of 0.5 percent, expects inflation to fall to around 1 percent later this year as the recession feeds through.

(Reporting by Matt Falloon and Fiona Shaikh; editing by David Stamp)

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The BoE, which is pumping 175 billion pounds into the economy by buying assets and has slashed interest rates to a record low of 0.5 percent, expects inflation to fall to around 1 percent later this year as the recession feeds through.

:lol::lol::lol: So buying toxic crap is buying assets. Lovely.

It's just my imagination, running away with me.

Of course with all the stimulous, printy printy and dodgy accounting, who knows they may in time for the election show some GPD growth.

We are still fvcked though. Elephant still in the room.

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I'm expecting Gordon's head to explode when he tells us all how he saved us all from the global recession.

It will be stomach-churningly horrible to behold.

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Darling also said inflation in Britain, which unexpectedly held steady in July, had yet to reflect downward pressures from global energy prices -- which peaked in the middle of last year but have eased back since then.

When did lower energy cost *ever* have to be combated with Quantitative easing? I though it was a global banking crisis that was causing a deflationary spiral NOT lower energy prices. WTF? :blink:

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"We do need to be cautious when you get these numbers, whether they are our numbers or other numbers," Darling told BBC radio, alluding to the fact that GDP estimates are often revised."

Indeed we do Mr Darling....as your BORROWING to SPEND is reflected in the GDP.

Its a scam, and we, the markets and soon the MSM will see through it.

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"We do need to be cautious when you get these numbers, whether they are our numbers or other numbers," Darling told BBC radio, alluding to the fact that GDP estimates are often revised."

Indeed we do Mr Darling....as your BORROWING to SPEND is reflected in the GDP.

Its a scam, and we, the markets and soon the MSM will see through it.

I just pray this house of cards comes tumbling down before the next election.

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Q3 GDP might just about be positive (due to the sham method of QE being included in the calculation) and Gordon will announce a victorious end to the recession.

Meanwhile, the "real" economy will continue to go down the shitter and I reckon we could be back in recession by about Q3 2010 when the QE prop is gone.

Edited by MOP

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He will say what he thinks stops his party getting totally butchered at the next election...Be in no doubt whoever takes charge after the election will have some very painful/expensive mistakes to correct and anyone with a real job will pay for it... If their employers aren't sensible enough to off shore. (Employers NI... the hidden tax)

NuLabour haven't a hope in hell of winning and they know it, hence the charge to run up national debt so that no party has a hope on earth of clearing it without some very painful taxation/cuts.....and 5 Years after that election, when the sheeple are so hacked off, they will come promising yet more golden bollards with endless quotes/statistics about how the last government got it wrong!

I just wish HRH would dissolve the parasites and force an election as there's only so much spin one can take... and rises in the cost of doing "REAL WORK" cripple what little we have left of an economy.

The IMF may save us, by forcing us to downsize government, but whoever takes power will not give it up lightly...just look how tight MP's are on expenses...says it all IMO

So the message from political parties is clear..."Look out for number 1", feather you bed while you can as anything else makes you a mug.

Edited by Yoss

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He will say what he thinks stops his party getting totally butchered at the next election...Be in no doubt whoever takes charge after the election will have some very painful/expensive mistakes to correct and anyone with a real job will pay for it... If their employers aren't sensible enough to off shore. (Employers NI... the hidden tax)

NuLabour haven't a hope in hell of winning and they know it, hence the charge to run up national debt so that no party has a hope on earth of clearing it without some very painful taxation/cuts.....and 5 Years after that election, when the sheeple are so hacked off, they will come promising yet more golden bollards with endless quotes/statistics about how the last government got it wrong!

I just wish HRH would dissolve the parasites and force an election as there's only so much spin one can take... and rises in the cost of doing "REAL WORK" cripple what little we have left of an economy.

The IMF may save us, by forcing us to downsize government, but whoever takes power will not give it up lightly...just look how tight MP's are on expenses...says it all IMO

So the message from political parties is clear..."Look out for number 1", feather you bed while you can as anything else makes you a mug.

Well said Yoss

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WTF!! is that right? Linky please?

Phoney

Yep. Government spending is included in GDP.

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