Friday, 16 February 2024

Britain Technically In Recession

 
Great Britain is now in recession, or 'technically in recession' as GDP fell by 0.3% in the three months to December which followed a 0.1% drop in the third quarter which means two consecutive drops in GDP and rings the bell for a recession although nobody seems to know what technically being in a recession means, techincally what Australians speak is English but i'm proper English and what they say isn't anything like we speak.
The Chancellor, Jeremy Hunt, did try to put a brave face on what was clearly unwelcome news for a government by saying that the economy was 'turning a corner' but it must be a bloody big corner because they have been in charge for 14 years and they have only decided now to turn but it cant just be the Governments economic incompetence, well not completely anyway.
Depending on who you ask, the finger of blame is being pointed at Brexit, the war in Ukraine, Liz Truss, the Bank of England for not lowering interest rates and even the stormy weather in November and December which kept shoppers away from the town centres during which should have been the shops busiest time.
I don't know and have very little interest in finding out which of the above is at fault but the office of National Statistics had an interesting line stating that we are all individually 0.7% worse off than we were at this point last year which might not sound a lot but its the biggest fall in living standards since records began in 1955.
As it is an election year, the golden question to ask yourself as you ruminate over who to vote for is as i'm better off this year than i was last year and that is obviously no, unless you are reading this in 1954 somehow but the follow up question is who is best placed to make me better off next year?
If your answer is the same lot who have done so badly over the last 14 years that our living standards are now the same as when a young slip of a lad called Chuck Berry was signing his first record deal, then i would say you haven't been paying attention.