UK recession "worst in west" - IMF prediction

baby_boomer

That should wipe any remaining smile off Gordon's face. Will he wait until 2010 for an inevitable election defeat, or try to con the public in 2009 that we are better off under his leadership?

Evening Standard

"The British economy will contract by 2.8% this year - the worst of any Western country - the International Monetary Fund declared today.

In a huge blow to Gordon Brown, the IMF said that the UK's recession will be deeper than that of the US, Italy, France and others.

It also cut its forecast for global growth this year to 0.5% - the weakest since the Second World War - from a November estimate of 2.2%. The outlook was even worse for advanced countries like the US and the eurozone, whose economies are seen contracting by 1.6% and two% respectively...."

I wonder if Location X3 will take on board this changing scenario ?

amcluesent

>The British economy will contract by 2.8% this year<

It'll be way more than that! The rate of collapse is too fast not to take us beyond 5%.

beaujolais-nouveau

The bit on Radio 4 news bulletin that caught my ear this evening was - "decades of austerity". I wish someone would be a bit more specific: what will that mean, practically speaking, decades of austerity.

thriftybabe

amcluesent wrote: »

>The British economy will contract by 2.8% this year<

It'll be way more than that! The rate of collapse is too fast not to take us beyond 5%.

I agreed with you but then my OH says I always look at the glass being half empty! Wish I could change my thought process and the more I visit this site the worse I am getting. He says I am getting obsessed with the doom and gloom!

purch

what will that mean, decades of austerity.

I'm going for (off the top of my head) a period in excess of 10 years.

mewbie_2

thriftybabe wrote: »

the more I visit this site the worse I am getting...

Me too. Sentence inability to form a coherent soon follows.

beaujolais-nouveau

purch wrote: »

I'm going for (off the top of my head) a period in excess of 10 years.

Sorry, I meant stuff like: does that mean no meat, no bananas, roads falling to bits, no health care, dentists unable to obtain equipment, etc? I'm thinking Baghdad conditions, over the past four years, minus the car bombs (I hope).

purch

My personal opinion is that the standard of living enjoyed by the vast majority of people in the country is so high, that a small drop will not be that noticeable.

I think by austerity they mean, not being able to afford a new i-Phone every year.

The people of Baghdad would give their right arms for the 'austerity' we face !!!!

GooeyBlob

beaujolais-nouveau wrote: »

Sorry, I meant stuff like: does that mean no meat, no bananas, roads falling to bits, no health care, dentists unable to obtain equipment, etc? I'm thinking Baghdad conditions, over the past four years, minus the car bombs (I hope).

Dentists? What do they do, and how would one go about locating one?

luvpump

amcluesent wrote: »

>The British economy will contract by 2.8% this year<

It'll be way more than that! The rate of collapse is too fast not to take us beyond 5%.

I agree, 2009 will be the worst (Economically speaking) year in my lifetime & probably the worst for any of us on these boards... It will be a MONSTER !!! :eek:

Quietmanc

purch wrote: »

My personal opinion is that the standard of living enjoyed by the vast majority of people in the country is so high, that a small drop will not be that noticeable.

I think by austerity they mean, not being able to afford a new i-Phone every year.

The people of Baghdad would give their right arms for the 'austerity' we face !!!!

Yes,you just hit the nail on the head,purch.I'm sure this has been said many times before,but if you don't (didn't?)have the latest 'everything' you're nobody.I've worked with people who had the above,but they claim to be permanently broke :rolleyes: .BTW what does ASDA know that we don't ?Thousands of new jobs-certainly to be applauded-but who's going to be able to afford to shop at the mainstream supermarkets in the not too distant future?