Thursday, 25 October 2012

UK Out Of Recession

The Office for National Statistics has announced that finally we are out of recession and a beaming chancellor, George Osborne, has been all over the television telling us all that his economic strategy is working and 'Britain is on the right track'.
The economy has crawled out of its double-dip recession, growing by 1% in the third quarter of 2012, but i guess Gideon was so busy slapping himself on the back that he missed the bit in the ONS announcement that explained that the GDP growth had been artificially boosted by the Olympic Games as all of the income from Olympics tickets was counted towards economic output in the third quarter, whenever the tickets were purchased.
'By continuing to take the tough decisions needed to deal with our debts and equip our economy for the global race we're in, this government is laying the foundations for lasting prosperity' he said still ignoring the fact that the 1% growth figures was down to a one off event and unless we hold an Olympics here every 3 months, is highly unlikely to be repeated in the coming months.
Oh well, triple-dip recession anyone?

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