Eurozone crisis live: OECD predicts recessions in UK and the eurozone {live}

[xchrom]

http://www.guardian.co.uk/business/blog/2011/nov/28/eurozone-crisis-downgrade-italy-imf

10.38am I should also note that, despite predicting a UK recession next year (amid a worldwide slowdown), the OECD is still backing George Osborne's fiscal consolidation plans.

In today's report it said that Osborne should still stick to his budget strategy unless the economy deteriorates more than expected. Were that to happen, the think tank said the government would then be be justified in softening planned public investment cuts. However, they would have to be balanced by tougher cuts in the future:

"Credibility will demand that the medium-term fiscal targets be retained and achieved, implying greater tightening later on," the OECD report said.
Live blog - UK flag

10.29am: The OECD said that public spending cuts, falling household consumption and weak exports had all weakened the UK economy, leading to its prediction of a double-dip recession.

[fasttense]

1. Austerity for the working class, luxury for the idle rich.

There's a plan a Roman Emperor would love.

Because we all know that making the working class suffer more, taking what little money they have left and funneling it up to the banksters will cure a Great Depression every time. Just ask Herbert Hoover.

[The Straight Story]

2. And the right will blame....Obama (nt)

[MichaelMcGuire]

3. It's cos osbornes useless

Roll on 2015

[DCBob]

4. There are very difficult days ahead for the entire EU.

It remains to be seen how badly that impacts the US and rest of the world.