Friday, July 25, 2008

The R Word

Britain's economy shrank in May and June

A number of economists changed their forecasts following today's statistics to reflect the likelihood that Britain suffers a technical recession - where GDP shrinks in two successive quarters. Capital Economics said: "An outright recession is now our central scenario. With industrial production having fallen in both the first and second quarters, industry is already in recession. "Interest rates will eventually need to fall... but this will be too late to prevent a recession".

Posted by pendulum @ 06:56 PM (3139 views)
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7 thoughts on “The R Word

  • A “technical recession”. Does that make it ok then? It’s just a technicality, nothing to get worried about…..

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  • it’s inevitable.

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  • What we’ve been saying really… “the UK data will confirm suspicions that Europe [& UK] may suffer as serious a blow, **if not more severe** …than the United States.

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  • Mytimeisnigh says:

    What a mess. All I wanted was to work and save hard and then afford a nice house in the suburbs. I’ll get that in the end, but first I’ve got to witness my country go to the dogs.

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  • gardeniadotnet says:

    “the UK data will confirm suspicions that Europe [& UK] may suffer as serious a blow, **if not more severe** …than the United States.

    Death of 1000 cuts v death of 1001 cuts. Not much difference really.

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  • I have this vague suspicion that the US will swiftly get on and do whatever they think is required, whereas we will procrastinate and prevaricate leading to a much more dire situation than would otherwise be the case.

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  • gardeniadotnet says:

    >the US will swiftly get on and do whatever they think is required.

    All they are doing, all they CAN do, is put off inevitable economic collapse for a little while longer.

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