The UK has become the last major economy to come out of recession with growth of 0.1% in the fourth quarter of 2009.
Overall, the economy slumped 4.8% last year - the biggest annual contraction since records began in 1949 - and it has lost 6% since the recession began in 2008.
The criticisms Labour make about previous recessions in Tory times in power are worthless now, the recessions then were fairly short and with relatively small contractions in GDP. This recession has lasted almost 2 years and has seen a very large fall in GDP.Today’s announcement is unlikely to convince voters that Brown's Labour Party has a strong grip on the economy.
Andrew Lilico, Chief Economist of Policy Exchange said today:
These are appalling figures. This is just the preliminary estimate, and the chances of being revised down by 0.1% or more are about evens, so we may well still be in recession. And that is taking account of an inventory bounce as firms restocked their warehouses and the shift of consumption from January into December as households tried to avoid the VAT rise.
It now seems certain that there will be a double dip back into recession next year, and that may come as soon as the first quarter. The slip back into recession might be announced in late April, right at the peak of the General Election campaign.
Gordon Brown likes to blame everyone other than himself for this recession. He still believes that he has 'done a good job'. He must think the British People are stupid.
He was the one who set up the banking regulation system which failed so thoroughly. He was the one who spent so much without setting anything aside for a rainy day. He was the one who claimed to have abolished Boom and Bust.
Labour has yet again wrecked the country and the people know it.
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3 comments:
"Brown's bankrupted Britain"
The slogan that should be rammed home to the electorate at every opportunity.
oliver i disagree with you. you know i respect you as person and as a friend as well right but this is completely stupid. this recession lasted long for every economy. not just UK. look at USA, they are still struggling, their stock market contracted by 5.3% yesterday. germany and france came out of recession before us because they are smaller economies comapred to us. it woulnd't have matter who was in power, it would have had the same effect. it is not in the hand of brown, its up to the people to think carefully. my opinion might be biased as i am a labour activist. i do agree 'gordon brown' has had his ups and downs as a prime ministers but blame the recession on his just ridiculous.
To Anonymous
When New Labour came to power John Major left them with the most prosperous economy since 1945 and they blew it. Yes had we (the Tories) been in power then the same might have happened. But Gordon Brown has to face up to the fact that he told us we were the best prepared country for the downturn and we weren’t, we came out of it last in the G20. Let a new administration take on the reigns of the economy to rescue Britain from the state we find ourselves in at the moment
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