January 23, 2009
The UK economy is now officially in recession after the release of growth figures this morning which show a 1.5% decline in GDP in the last quarter. This follows a drop in GDP in the previous quarter of 0.6% which means the official definition of two consecutive quarters of negative economic growth has been met.
The 1.5% fall is the largest since 1980 and shows what a perilous state the economy is now in. Gordon Brown refuses to accept that he has put an end to boom and bust but these figures make him look even more foolish when he continues to make claims that this recession is different to previous ones and that he is not to blame. The public won’t buy these feeble excuses. He was very keen to take credit for the ‘unprecedented growth’ as he put it of the UK economy during the first ten years of a Labour Government but is even keener to distance himself from the negative growth in the UK economy. When thousands of people are losing their jobs and their homes each week, it’s embarassing for the PM of this country to give interviews to the press and media and blame the United States and anyone else he can think of at the time and completely try and absolve himself of any blame for the current economic crisis. He should have the decency to be a little honest – but I suppose if he could he wouldn’t be Gordon Brown.
Just to make matters worse, the pound is trading at $1.35 this morning which is the lowest its been for about 25 years.
January 21, 2009
According to the Office for National Statistics:
‘The number of unemployed people increased by 131,000 over the quarter and by 290,000 over the year, to reach 1.92 million (the highest figure since the three months to September 1997).
More worryingly ‘there were 530,000 job vacancies in the three months to December 2008, down 69,000 over the previous quarter and down 153,000 over the year. This is the lowest figure since comparable records began in 2001.’
We now have uncontrolled debt, rapidly rising unemployment, sterling losing value on a daily basis, property prices down by 20% and Government introducing policies such as VAT cuts and bank bailouts that simply aren’t working. Gordon Brown has made a complete mess of the economy and his claim that the UK economy is well placed to weather the ‘global downturn’ is palpable nonsense.
January 14, 2009
Today’s announcement by the Government of the £20bn loan guarantee to small and medium-sized firms to help them deal with the recession is a watered down rip of Tory Policy announced by David Cameron a few weeks ago. This follows fast on the heels of the Tory policy to subsidise employers to take on people who have been out of work being adopted by the Government a few days ago.
Admittedly the Conservatives are calling for loan guarantees of £50bn but its very odd that the the Government accuses the Conservatives of being the ‘do nothing party’ (repeated again at PMQ’s by Brown today) when facing the most serious economic downturn this country has seen for decades yet is prepared to steal adopt policies put forward by the Conservatives.
If Gordon Brown and his team are unable to come up with ideas and policies of their own and are simply going to adopt everything the Conservatives propose – obviously after criticising them first, why don’t they just ask the Tories to take over and do everything to deal with the recession?
December 17, 2008
All 800 odd Woolworths Stores will close on 5 January 2009. This will add 27 000 to the unemployment figures which have increased by 137 000 in the three months to October 2008. This is the biggest quarterly fall in jobs since December 1992. Total unemployment is at 1.86million, the highest figure since the three months to December 1997, with those claiming unemployment benefit passing the one million mark. We’re back to 1979, Labour isn’t working.
November 12, 2008
Latest unemployment figures show that 1.82 million people are out of work which is an increase of 140 000 in the three months to September. This is the highest figure since 1997 and is predicted to rise even further. Yesterday, several large companies such as Virgin Media, Yell, GlaxoSmithKline announced job losses totaling 5000 not yet included in the unemployment figures. The economy is shrinking and Brown’s claim of ending boom and bust looks sillier by the day.