Recession deepens as British economy shrinks for third straight quarter

[AtW]

" The Britsh economy has shrunk for the third successive quarter, prolonging Britain’s recession and threatening to derail chances of recovery this year, official figures are likely to show.

The Office for National Statistics is expected to say gross domestic product shrank by at least 0.2pc between April and June as the Jubilee holiday, weak domestic demand and the eurozone crisis dragged the economy down.

It would mark the third successive quarter of contraction, leaving Britain in its first double dip recession since 1975.

The economy shrank by 0.3pc in the first quarter of the year, following a 0.4pc contraction in the final quarter of 2011.

The work lost as a result of the extra day given for the Queen’s Diamond Jubilee celebrations in June was a significant drag during the quarter according to economists, disguising a slightly stronger “underlying” economy.

Even so, Treasury officials are expecting the economy to be flat over this year as a whole. The International Monetary Fund slashed its UK growth forecasts by 0.6 percentage for both 2012 and 2013 this week, to 0.2pc and 1.4pc respectively. It was the biggest downgrade of any major economy."

Source: Recession deepens as British economy shrinks for third straight quarter - Telegraph

Who will Osborne blame for this - europs, unions, banks or perhaps his own policies?

[TimberWolf]

Nothing that a big pension top-up for Mervyn and a bonus for bankers won't solve.

[BrilloPad]

The coalition needs an emergency budget. Or they can let Labour into power in 2015.

[AtW]

The coalition needs an emergency budget.

That would mean Osborne is bankrupt and by extension Dave because Osborne will blame Lib Dems for not allowing him to be more aggressive.

Plague on both of their houses I say.

[escapeUK]

Good. The only thing that keeps growing all the time is cancer, and that never ends well.

[Robinho]

What do people expect, rapid growth like before? We were in a bubble, the bubble burst, the market is now readjusting and we are going to stagnate for years. Nothing we can do about it except shut up and get on with things.

[SantaClaus]

Except, while Rome (or London) burns, the politicians are fiddling, and lining their own pockets.

[Troll]

fooked

[tractor]

...

To be fair, after the last election, Ossie could only have taken on the role of liquidator lol. There really was no money left.

The next time any chancellor or PM ever tells the nation/world he has abolished boom and bust, he should be carted off to the funny farm as a megalomaniac and a general election called immediately!

Did all of these idiots in government/finance fall asleep in history class when discussing the South Sea Bubble?

[nomadd]

What do people expect, rapid growth like before? We were in a bubble, the bubble burst, the market is now readjusting and we are going to stagnate for years. Nothing we can do about it except shut up and get on with things.

This^