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It was all just a bad dream

So, that was it. The worst recession in living memory is, if you believe the latest government think tank reports, now over. The recession that Alistair Darling said would be the worst for 60 years (and he recently revised that estimate upwards to 100 years) has passed with nary a whimper in real terms. True, if you lost your job in the last year or so then you might not see it as being a particularly benign period of history, but really, as these things go, this has been ‘recession lite’, a recession for the generation that doesn’t dorecessions. Which, of course, makes me and Lance look a bit silly. Having correctly predicted that the recession would actually...

posted on: Jun 10, 2009 | author: Alex

Is Britain heading for a full blown economic depression?...

It’s official, Gross Domestic Product (GDP – the total amount of money we make as a country) in the UK has fallen for the past two quarters, which is the technical definition of a recession. This should come as a surprise to absolutely nobody, but the big question is: where do we go from here? A quick scan of the newspaper headlines should be enough to tell you that the good times aren’t coming back soon, most informed commentators agree that it would be over-optimistic to expect a recovery any time in 2009, but how much worse are things going to get over the next year – are we heading into a full blown depression? The problem with...

posted on: Jan 25, 2009 | author: Lance

Worst. Recession. Ever.

And that’s not just us being our usual gloomy selves – Charles Bean, deputy governor of the Bank of England, reckons that we’re now facing the worst financial crisis in human history. Just think about that for a second, possibly the worst financial crisis in human history and it’s not been caused by a world war or some kind of massive natural disaster, but by the financial industry whipping itself up into a frenzy of greed while incompetent authorities sat idly by and ignored the warning signs time and time again. Maybe Charley’s being a little too pessimistic, but things are definitely looking bleak right now. This week official figures showed that the gross domestic product (GDP) –...

posted on: Oct 25, 2008 | author: Alex

UK recession expected any day now

The Organisation for Economic Growth and Development this week released a report on the economic outlook for the G7 group of major industrialised nations and, would you believe it, the organisation expects the UK to fall into recession later this year. The OECD’s crack team of economic ninjas says it expects the UK economy to shrink in the third and fourth quarter by .3% and .4% respectively, which would leave total growth at just 1.2% for 2008 – the worst prediction for the UK in recent times. Before you start stocking up on baked beans and ammo, bear in mind that the Treasury predicts growth of 2.5% for the year, while the International Monetary Fund reckons we’ll see...

posted on: Sep 2, 2008 | author: Lance