Vince Cable Admits 'difficult Conditions' May Lead To A Double-Dip Recession

[interestrateripoff]

http://www.guardian.co.uk/politics/2011/oct/19/vince-cable-double-dip-recession

The business secretary, Vince Cable, admitted on Wednesday the possibility of a double-dip recession as he accepted that the government had been surprised by the collapse in export markets and the sudden rise in energy prices.

He also confirmed his department was working on a package of capital investment spending in time for the autumn statement at the end of November.

Cable was speaking on the anniversary of the government's controversial spending review that set the country on course to eliminate the structural deficit by the end of the parliament.

Cable and the chancellor, George Osborne, are coming under growing pressure from business groups and economics organisations to rethink plans in light of the worsening international economic prospects.

Speaking to ITN, Cable said: "We knew it would be difficult and unpopular, but we didn't know that there would be a major crisis in our export markets and that energy prices would shoot up."

Cable added that there was the "possibility, well indeed the certainty, that we will turn things round".

When asked whether – with soaring unemployment, rising prices and a flatlining economy – it was now time to adjust the government's spending plans, he said his department was working on how to encourage spending on infrastructure before the chancellor's statement at the end of next month. "There is no point pretending this isn't difficult," he said. "The basic discipline is not something the government is doing enthusiastically."

He added: "We are not masochists ... but we are also doing positive things looking at how to create growth through business."

He said he could not promise there would be no double-dip. "We know conditions are very difficult but the government is doing the best it can to protect people," he said.

Ah they didn't realise there would be a crisis in our major export market.....

[OnlyMe]

but the government is doing the best it can to protect people

********, you are looking after your mates, the banks.

[tomwatkins]

NOW HEAR THIS YOU SILLY FAT OLD GIT. WE HAVE NEVER BEEN OUT OF RECESSION. IN FACT WE WON'T BE FOR MANY MANY YEARS PROBABLY.

[zilly]

"Hello? Is this CapitalOne? Vince C. here. Look, is there any way you could start giving out those nice 0% APR credit cards again? You know - the ones where you didn't bother to check any income details, and handed out 20K limits to people on minimum wage? They really were very useful when it came to economic growth. In fact, now we really need them so that people can pay their bills! Hello? Hello?...<click>...<brrrrrrrrrr>."

[Caractacus Holmes]

NOW HEAR THIS YOU SILLY FAT OLD GIT. WE HAVE NEVER BEEN OUT OF RECESSION. IN FACT WE WON'T BE FOR MANY MANY YEARS PROBABLY.

Here, here, Vince doesn't have the credibility of the ginger gnome, but he may be found dead due to talking out of his **** and forgetting to breath through his mouth.

[LiveinHope]

isn't it a bizarre world where you sometimes think you would have been better off among the sheep, splurging on credit and having everything you want - but don't need.

Although, because I 'think', I know I wouldn't be happier then or now

Edited October 20, 2011 by LiveinHope

[anonguest]

http://www.guardian.co.uk/politics/2011/oct/19/vince-cable-double-dip-recession

Ah they didn't realise there would be a crisis in our major export market.....

Didnt he also use to be chief economist (or something senior like it) for the Shell Oil company???? And he doesnt understand energy prices?!!! Duh!

".....and that energy prices would shoot up."

Edited October 20, 2011 by anonguest