Democorruptcy Posted April 25, 2012 Share Posted April 25, 2012 Yes, they changed the base year from 2005 to 2008. The equivalent statement is now: Index of production for manufacturing was 102.8 in Q2 2007, 94.9 in Q1 2012. Output index for business services & finance was 99.3 in Q2 2007, 99.5 in Q1 2012. Thanks for that. And they keep saying trashing the currency and interest rates is to rebalance not just enable the financial sector to keep the bonuses rolling in. Quote Link to comment Share on other sites More sharing options...
Mr. Miyagi Posted April 25, 2012 Share Posted April 25, 2012 (edited) I'm sure someone else must be feeling like I feel. I'm turning into a cynical old man at the age of 32. I swear at the television. I swear at the news. I can't hack any of the morning news shows that my wife wants to watch. I just need to ...stop reading news. Stop following HPC. Not engage in any political discussions. I need to drop out, get some LSD, get on my mountain bike and just numb my brain away. This sort of stuff isn't good for you. Perhaps when you sign up to HPC Fubra should offer some sort of health warning like on a pack of fags. I was 33 before I realised lot's of things I accepted as normal were in fact a shower of shite. Edited April 25, 2012 by Mr. Miyagi Quote Link to comment Share on other sites More sharing options...
LiveinHope Posted April 25, 2012 Share Posted April 25, 2012 Construction is farked Construction is ... Happened to visit a major aggregate quarry and concrete supplier a few times recently for a project I am working upon. Got chatting to the manager. Apparently demand dropped off a cliff the night of Northern Rock, orders were suddenly being cancelled and at the time they didn't know why. It wasn't until the news broke about NR that they understood. Demand has been 30% down ever since and has shown no sign of recovery yet. Quote Link to comment Share on other sites More sharing options...
neil324 Posted April 25, 2012 Share Posted April 25, 2012 The question they should ask is: "Do you think the price or your property will rise in a recession?" Are there any graphs that show what happened to house prices in previous recessions? You mean depression? Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted April 25, 2012 Share Posted April 25, 2012 Have the BBC got their downwards arrow graphics out again yet? Clearly as this is a double dip they should invest in something newer and bolder, perhaps with Cameron's face superimposed on top of it. Quote Link to comment Share on other sites More sharing options...
Olebrum Posted April 25, 2012 Share Posted April 25, 2012 You mean depression? It's a depression, though it won't be named as such until long after it is over. More Austerity on the books, stick to that neo-classical dogma, ignore the evidence, plough on ahead, stiff upper lip and all that, what what. Quote Link to comment Share on other sites More sharing options...
koala_bear Posted April 25, 2012 Share Posted April 25, 2012 Most of the market based economic theory relies on a perfect flow of information - which never happens in practice! Bet most of those questioned for the survey have no idea about actual mortgage availability and conditions. Reality will take time to catch up. Quote Link to comment Share on other sites More sharing options...
AC44 Posted April 25, 2012 Share Posted April 25, 2012 It is really unbelievable the mess that the BoE has goten us. 5 years after the start and we still have not recovered. All the other major economies are doing better than us (Even France FFS) And it is all because of the BoE base interest rate which has allowed rampant inflation. And still the politicians dont do anything about this, since they are the BtL elite.. Quote Link to comment Share on other sites More sharing options...
ticket2ride Posted April 25, 2012 Share Posted April 25, 2012 I'm thinking of arranging some viewings so that I can drop the R-bomb into the conversation. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 25, 2012 Share Posted April 25, 2012 i thought the number would be positve on the basis that the trade gap has shot up in the last couple of months (it normally tends towards balancing when GDP slows). They seem to have reached the economic nirvana of extending the negative trade gap whilst moving towards technical recession, no mean feat, not even Gordon managed to do that. these boys are taking rebalancing to a whole new level Good observation. We are following the same old economic mismanagement, except all the damage that has gone on before is still having its effect and they are piling more on top. Look at the recent jobs losses, nothing has been fixed, the worl is your oyster if you are looking to cut costs, cream off the top and slice and dice expensive employees here and emply much cheap employees elsewhere. We will get successive waves of headcount reduction until a totally different path to growth is taken. Whereas house and land infaltion has been an economy destroying force it has now been joined by gerenal inflation too - they are piling the shit up hoping that pile will morph into something of value, it won't, they can;t even fudge the GDP growth via infaltion as that infaltion is simply taking more and more potenitally productive money out of the system and sypohing it to either banksters here or producers elsewhere. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted April 25, 2012 Share Posted April 25, 2012 It is really unbelievable the mess that the BoE has goten us. 5 years after the start and we still have not recovered. All the other major economies are doing better than us (Even France FFS) And it is all because of the BoE base interest rate which has allowed rampant inflation. And still the politicians dont do anything about this, since they are the BtL elite.. Merv's golden rule don't try and lean against the wind during a boom even if private debt triples in a decade and will cause a certain cataclysmic bust, the inflation target is sancrasanct. (except once we have the bust) Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 25, 2012 Share Posted April 25, 2012 Didn't we sell enough petrol? Perhaps a warm March didn't help. Have they blamed the weather yet for not selling enough gas? Quote Link to comment Share on other sites More sharing options...
APAC Posted April 25, 2012 Share Posted April 25, 2012 maybe it was the weather Quote Link to comment Share on other sites More sharing options...
Britney's Piers Posted April 25, 2012 Share Posted April 25, 2012 Fire up the printing presses. Quote Link to comment Share on other sites More sharing options...
GordonBrownSpentMyFuture Posted April 25, 2012 Share Posted April 25, 2012 Victoria Derbyshire discussing this now. Says the construction industry is suffering. Talking to a brickie who has taken out a loan to pay his mortgage this month. Stating that it costs them £5,000 labour to build two houses which will then get sold on for £0.25m. http://www.bbc.co.uk/5live/ 10:00 - 12:00 Call 0500 909 693 Text 85058 cost info Email victoria@bbc.co.uk Quote Link to comment Share on other sites More sharing options...
getknk Posted April 25, 2012 Share Posted April 25, 2012 i think the Americans and French will officially declare double dip after the elections !! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 25, 2012 Share Posted April 25, 2012 Havent seen the news,but have they mentioned "invisible earnings" yet? these invisibles in the new transparent politique we have today help us to see right through the stats. Quote Link to comment Share on other sites More sharing options...
APAC Posted April 25, 2012 Share Posted April 25, 2012 The Bank of England said last week that it could not rule out "GDP falling for three successive quarters," because of the weak construction sector and the extra bank holiday associated with the Queen’s Diamond Jubilee celebrations. http://www.telegraph.co.uk/finance/financialcrisis/9225414/Britain-in-double-dip-recession-as-growth-falls-0.2pc.html Not the weather this time. It is the bank holiday Quote Link to comment Share on other sites More sharing options...
Guest_FaFa!_* Posted April 25, 2012 Share Posted April 25, 2012 (edited) It is really unbelievable the mess that the BoE has goten us. 5 years after the start and we still have not recovered. All the other major economies are doing better than us (Even France FFS) And it is all because of the BoE base interest rate which has allowed rampant inflation. And still the politicians dont do anything about this, since they are the BtL elite.. Let's see how France is doing when the love-in with Germany stops. I don't think they are truly doing significantly better than us with unemployment near 10% and 20% of the population voting fascist. The US is doing better than us because they are the US. Germany is doing better due to having an artifically low currency due to being in a currency union with Club Med. Australia and Canada are resource export countries tied to the unsustainable Chinese investment paradigm. Dutch disease doesn't even begin to cover it. Let's see how brilliantly they are doing when the music stops with that one and they are left swinging in the breeze with an almighty housing bubble. I cannot think of any other country that can be described as doing much better than the UK, in terms of GDP growth or unemployment. Perhaps Japan. 3.5% inflation is not rampant by any means. It is, in historic terms, low. The inflation was mainly caused by the currency falls (which were pre-QE, not post) and VAT going up. I believe the govt could and should have done much better as outlined above, however without the stimulus the UK would be like Greece or Spain at the minimum. I personally suspect that it would be like the London Riots on steroids. Perhaps some on HPC like to delude themselves that you can have youth unemployment at 50% and it magically won't affect them, but personally I doubt it. Edited April 25, 2012 by FaFa! Quote Link to comment Share on other sites More sharing options...
R K Posted April 25, 2012 Share Posted April 25, 2012 Looks to be government's cut in infrastructure/construction spending (my interpretation) wot done it. i.e. Chancellor's self-imposed recession http://blogs.ft.com/money-supply/2012/04/25/uks-double-dip-recession/ Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted April 25, 2012 Share Posted April 25, 2012 I think it's time I stopped following politics and the economy. I am getting visions of Ed Balls and Yvette Cooper acting inappropriately on a table in some office. Yes, not only stop but please stop sharing also. I too now have that vision. Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted April 25, 2012 Share Posted April 25, 2012 Bad news for HPC'ers. I cannot see us getting higher interest rates while we are in a technical recession. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 25, 2012 Share Posted April 25, 2012 Why don't we just spend our way out of the depression? Borrow some more money to invest in the public sector, create the jobs and get people spending, then they will buy houses and fit them out with new stuff and manufacturing will recover. This is what Ed and Ed would recommend, why will Boy George not listen to basic common sense? The other solution, rather than borrow, is to print. What's wrong with that? ....another good excuse to ease.........another good excuse to tighten belts further.....the more they crash our pound, inflate the prices the less people will spend, the only way to try and maintain some sort of value to it........ Quote Link to comment Share on other sites More sharing options...
Wahoo Posted April 25, 2012 Share Posted April 25, 2012 Don't worry - we're all in this together......! Oh...Hang on - where have the elite disappeared to? The b********ds have done a runner with the money. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted April 25, 2012 Share Posted April 25, 2012 Or the other way round? To be honest I have yet to hear the BBC mention the disgustingly close ties of the Blairs and Labour with the Murdochs as yet. Like Blair being godfather to Murdoch's kids, attending their baptism in the River Jordan dressed in a white robe...why do we not hear about that - or is it deemed by the Blair's lawyers as being 'private' and an invasion of privacy? I just noticed channels 501, 502, 503 and 505 were all Murdoch live rather than anything about us being back in recession. BBC logos are red!. Tinopolis also like red though Mentorn are green. http://www.tinopolis.com/the-group/tinopolis.aspx http://www.mentorn.tv/programmes/categories/current-affairs.aspx Quote Link to comment Share on other sites More sharing options...
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