Independent UK: Britain already back in recession say respected forecasters

[marmar]

Chancellor George Osborne insisted today the Government was doing everything possible to "weather the storm" as economic forecasters warned the UK is likely to be already in recession.

The Ernst & Young ITEM Club and the Centre for Economics and Business Research (Cebr) both believe that gross domestic product (GDP) shrank in the final quarter of last year and will fall again in the first three months of 2012. A recession is defined as two consecutive quarters of contracting output.

Mr Osborne said the most recent predictions by the Office for Budget Responsibility, which issues official forecasts, showed that Britain would have a negative quarter of growth but not go into recession.

He told BBC Radio 4's Today programme: "That's their forecast, but they were the first to say that it is very uncertain and one of the biggest risks to the British economy is the further deterioration of the eurozone crisis. ...........(more)

The complete piece is at: http://www.independent.co.uk/news/uk/home-news/george-osborne-confident-on-economic-outlook-6290283.html

[Prophet 451]

1. That was expected

Things picked up briefly just after the ConDem coalition won power because what Labour were doing just prior to that was working. With the ConDems hellbent on pursuing the wrong course (cuts to everything in sight and whipping the poor for not being able to take non-existent jobs), things are likely to get ever worse.

[MichaelMcGuire]

2. The Tory plans aren't working, pretty much universally thought as such...

Not that Ed's Labour should be smug.
They managed to better Tory stupidity
By declaring....wait for it.

"The shadow chancellor's capitulation on cuts
and public sector pay offers vindication for the Tories'
economic strategy, even as it is proven to fail."
http://www.newstatesman.com/blogs/the-staggers/2012/01/labour-cuts-tories-shadow




Can't make this shit up, you really couldn't
Its official Tories now come in three different favours