Deeper Double-Dip Recession On The Way

27 July 2012 14:30 - Phoebe Robinson

    



Deeper Double-Dip Recession On The Way


The UK’s has fallen further into their double-dip recession; this means the economy is now smaller than it was when the coalition government took office in 2010.
The government is saying that before they took office the country had “deep rooted economic problems”. These problems have got worse after output fell 0.7% between second quarters, this is a lot more than the 0.2% fall that was forecasted.

Despite this Osborne does have his critics and they say that his austerity programme, which he aims  to eliminate the structural current deficit in five years show that his efforts are self-defeating.

“As we warned two years ago, David Cameron and George Osborne’s ill-judged plan has turned Britain’s recovery into a flatlining economy and now a deep and deepening recession,” said Ed Balls, shadow chancellor for the Labour party.

The Queens Jubilee bank holiday did exacerbate the effects. The National Office of Statistics said it was to soon to judge the total effect but most people have predicted it would knock about 0.5% points from gross domestic product growth. 

Construction output fell 5.2% in the second quarter, while industrial production fell 1.3%. Services output fell as well by 0.1%. But it is not all negative; labour markets have been showing some more positive data showing rising employment, making some economists cautious about how they should be interpreted.

75x75_new_05.jpg

Related Links :
Statistics UK - Official Site

PRODUCT RANGES: CURRENCY EXCHANGE
Foreign Exchange and Currency.
TRADING
Forex, CFDs, Shares and Futures.
INVESTMENTS
ISA, Pensions, Savings Accounts.
LOAN PRODUCTS
View all Loan and Debt Products.
CARD PRODUCTS
All Card Products Compared.
MONEY PRODUCTS
All Money Products Compared.
INSURANCE PRODUCTS
All Insurance Products Compared.

Is Everything covered for that Big Day ? Wedding Insurance
31 August 2018 - Which Way To Pay
Planning your wedding is one of the happiest times in your life , however we always need to make sure that we are covered for every penny spent . Wedding Insurance is a Must
Read More >>
Forever monitoring your endowment policy ?
08 April 2017 - Which Way To Pay
If this is your case then why not sell your policy on to make yourself some cash , and get what its worth.
Read More >>
Dreamt of that perfect overseas property ?
04 April 2017 - Which Way To Pay
EU overseas property mortgages have taken a whole new turn
Read More >>