Thursday, 10 September 2009

Recession Over

That's it then. Recession over and all done and dusted in a little under 2 years.
I know it may not feel like it if you are living under a bridge because you lost your job and your house got repossessed but the National Institute for Economic and Social Research have spoken, and they say it's technically at an end. Phew.
A word of warning though before you get your hopes up and cancel that appointment with the shady doctor who was offering £500 for one of your kidneys, they say it is going to be a slow recovery with unemployment and repossessions continuing to rise for the next couple of years which sounds like the opposite of a recovery to me but then the inability to see such things is probably why i failed so gloriously on the economics exam.
Apparently manufacturing output rose by 0.9% in July and GDP increased by 0.2% in the three months to August with the NIESR expecting the UK economy to experience modest growth in the third quarter of this year,signalling happy days are here again. Well, sometime in 2011 anyway.
We know who to thank for getting us into the mess, but who's hand do we shake for getting us out of it again?
I expect Gordon Brown will break off from hugging Colonel Gaddafi long enough to claim a slice of the praise through stuffing billions into the bankers pockets and shaving pennies off shelf prices with a 2.5% VAT cut.
If only there was a question on that economics exam to explain how to save the economy. I know now that it's by us, aka the Innocent victims, getting to save 2p off a tin of chicken and mushroom soup while the bankers, aka the perpetrators, get pockets full of used notes and a healthy bonus.
Anyway, break out the super saver wine, splash out on a new cardboard box and let's celebrate the return of estate agents, big cars and banks treating us like dirt.
Raise a glass to your health and the next recession which should be coming around in a decade or so.

2 comments:

Anonymous said...

lucy,

i wouldn't count on the next one being 10 years away...

q

Lucy said...

I keep hearing about this possibly being a W shaped recession rather than a V shaped one. That is something i can actually understand so why can't they always make such descriptions for the non-economists to understand. I haven't understood half of what's going on if i'm honest.