So much for the recession being made in the Eurozone. The latest figures from the Office for National Statistics (ONS) show that net trade is down and the largest fall in exports is to non-EU countries.
Economic output declined by 0.1 per cent in December, January and February, suggesting an economy that continued to flat-line in the first two months of this year, according to the latest data from NIESR.
The chancellor George Osborne is coming under increasing pressure from tory back benchers and the governor of the bank of England to pursue a more right wing agenda.
Real earnings have declined since 2009 and are at the same level as 2002.
With today’s GDP figures confirming this is the longest depression in modern UK history, IPPR’s Spencer Thompson asks why the economy is still creating jobs.
The headline stats – on GDP and on unemployment – are, on the face of it, good news for the economy and the government – yet the grim news keeps rolling in.
The UK is out of the double-dip recession, which is good news – but it’s far too early to for the government to think we’re out of the woods.
Following three quarters of contraction, UK GDP grew 1% in the third quarter of 2012, taking the country out of the double-dip recession – thanks to the Olympic boost.
NIESR’s latest monthly estimates of GDP show the UK economy emerging from recession in Q3 2012 – up 0.8%; the underlying rate of growth, however, is weaker.
With deep austerity in place in Spain hitting workers, hospitals and school hardest is it really fair €1.7 billion has been loaned to the Ministry of Defence?