MSE News: UK economic dip worse than first thought

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"Gross domestic product (GDP), a broad measure for the total economy, declined by 0.3% in the final quarter of 2011..."

Read the full story:
UK economic dip worse than first thought





This thread is not in the 'discuss house prices and economy board' as that is only open to those logged into the forum so anyone coming from the news story may not be able to see it.

Pincher

I'm basically expecting a repeat of Japan.

20 years of stagnation, followed by a kick in the balls Tsunami that overpowers the Thames Barrier and seaside nuclear plants.
Melting polar ice-caps.

Buy houses on high ground. Eventually, you won't be able to sell low lying propertries because "they" will look up the post code,
so you cannot get insurance, hence no mortgage offer, etc.

VfM4meplse

Pincher wrote: »

I'm basically expecting a repeat of Japan.

20 years of stagnation, followed by a kick in the balls Tsunami that overpowers the Thames Barrier and seaside nuclear plants.
Melting polar ice-caps.

Buy houses on high ground. Eventually, you won't be able to sell low lying propertries because "they" will look up the post code,
so you cannot get insurance, hence no mortgage offer, etc.

Keep taking the medication .

Seriously, isn't it up to us all as individuals to kick this trend in the teeth? We can start by voting the Tories out in 2014.

danothy

I may be mistaken but it seems to me that there have been recent revisions to all four quarters of 2011's GDP figure ... latest data: http://www.ons.gov.uk/ons/datasets-and-tables/data-selector.html?cdid=ABMI&dataset=pn2&table-id=A2

The decline in Q4 seems to have remained at about 0.2% in fact while the growth in Q1 has previously been revised down by about 0.1% (to 0.3%) and that doesn't look like it's been carried forwards.

hermante

VfM4meplse wrote: »

Keep taking the medication .

Seriously, isn't it up to us all as individuals to kick this trend in the teeth? We can start by voting the Tories out in 2014.

and voting in who?

Butterfly_Brain

I am not surprised. I have never believed government figures when they are announced, because they are always altered.
The problem is that the growth isn't there, the government is pushing housebuilding - why? People can't afford to buy if the banks won't give out mortgages. Shops are closing at an alarming rate, there are not enough apprenticeships, most of our manufacturing has been sent abroad to be made cheaper and shoddier, there are more and more people being thrown out of work. Too much emphasis has been put on poorly paid service sector jobs, as a result there is less money to spend, people are scared to spend and so the vicious circle continues.

VfM4meplse

Butterfly_Brain wrote: »

people are scared to spend

True, MSE probably isn't helping the economy but I think industry has got a bigger part to play than the pennies we are saving by using this site.

danothy

Butterfly_Brain wrote: »

I am not surprised. I have never believed government figures when they are announced, because they are always altered.

In all fairness they do publish them explicitly as "preliminary" figures when they are issued asap after a quarter ends ... the revision is intended to be a refinement.

However, I sort of see your point when the situation is that the prelims are so close to zero that the refinement might well be bigger than the size of the estimate.

RenovationMan

hermante wrote: »

and voting in who?

Vote in the people who got us in the mess we are in right now. The people who didn't repair the roof whle the sun shone. The people who gave away our gold reserves at record low prices. The people who raided personal pensions while at the same time worried about affording an ageing population. The people who precided over one of the largest asset booms in history and did nothing to prevent/reign it in. The people who took us into two ruinous wars in the middle east. The people whose idea of 'full employment' was to create a bloated public sector full of non jobs that the country could not afford. I could go on.

WRINKLES

It does not matter which party is in power / the ordinary working people in this country are in for years of poverty hardship and will strugle to survive / who is to blame .....All political parties are to blame / If you walk around any city in the country you can see council vans parked by the roadside and the guys inside sit there for hours playing cards or reading newspapers / you are paying their wages for doing nothing / The Tories will look after the rich as expected / the poor and old will get poorer and die sooner / the uneducated masses will remain uneducated as will their children the banks and insureance companies will find new ways to steal our money / the Government of the day will nag us to death about healthy eating yet do nothing to stop giant supermarket chains selling so called foods full of fat sugar and salt with addatives that one day may cause cancer / While filling their pockets full of our money / nothing changes .

collywollys

RenovationMan wrote: »

Vote in the people who got us in the mess we are in right now. The people who didn't repair the roof whle the sun shone. The people who gave away our gold reserves at record low prices. The people who raided personal pensions while at the same time worried about affording an ageing population. The people who precided over one of the largest asset booms in history and did nothing to prevent/reign it in. The people who took us into two ruinous wars in the middle east. The people whose idea of 'full employment' was to create a bloated public sector full of non jobs that the country could not afford. I could go on.

And that was a party political broadcast by the Conservative Party:D