Times: UK recession is over, says MPC's Andrew Sentance

inspector_monkfish

A member of the Bank of England’s rate-setting committee said last night that the economy had emerged from recession in the quarter between July and September, contradicting initial figures published by the Office for National Statistics (ONS).

Andrew Sentance said that a wide body of evidence “suggests the UK economy has moved on to a recovery track and growth has resumed in the second half of this year”.

http://business.timesonline.co.uk/tol/business/economics/article6919323.ece

purch

Oh goodeeee :j

In the words of Yazz ..... "the only way is UP"

mr_fishbulb

inspector_monkfish wrote: »

Andrew Sentance said that a wide body of evidence “suggests the UK economy has moved on to a recovery track and growth has resumed in the second half of this year”.

Isn't the only evidence which can prove this the growth figures?

Degenerate

mr_fishbulb wrote: »

Isn't the only evidence which can prove this the growth figures?

Yep, and they're still a long way off. The ONS' first estimate of -0.4% could turn out to be more than 0.4% out.

nembot

Well... we'll see if he's right sometime next year.

No need to party just now Purch

HammerSmashedFace

I will bet the princely sum of £10 that we will be back in one within 18 months....tick tock tick tock. Our 'infinite growth' way of life is over, it ended in 2007, it will never be seen again unless population reduces to around 2 billion, which I expect to take at least 200-300 years.

Jonbvn

HammerSmashedFace wrote: »

I will bet the princely sum of £10 that we will be back in one within 18 months....tick tock tick tock. Our 'infinite growth' way of life is over, it ended in 2007, it will never be seen again unless population reduces to around 2 billion, which I expect to take at least 200-300 years.

Here we go again. More tin-foil hats and beans whilst sat in our bunkers.;)

Generali

Degenerate wrote: »

Yep, and they're still a long way off. The ONS' first estimate of -0.4% could turn out to be more than 0.4% out.

True but as generally the estimate is revised by 0.1-0.2% in total it is pretty unlikely.

Also, if the best that the UK economy can manage is 0.0% growth, the recession may be officially over but there still isn't much to cheer about. When I was a student we were taught that UK annual growth of 2% was consistent with unemployment being flat. These days I believe it's more like 2.5% (due to technological efficiencies).

HammerSmashedFace

Jonbvn wrote: »

Here we go again. More tin-foil hats and beans whilst sat in our bunkers.;)

More proof that people base our future on the recent past. I won't be eating beans and sitting in a bunker for a while, but it's best to understand the limitations of our species and that the model that we have built for ourselves over the last 100 years is not sustainable - see the second law of thermodynamics.

irn_bru

HammerSmashedFace for President of the Universe. He'll make it all good again!