It’s Official, The UK In Recession

By in Economy, Government Policy, Public Policy

The numbers are out from the Office for National Statistics and they are not pretty: the UK economy shrank by 1.5% in the last three months of 2008.

This contraction was worse than expected and is even deeper than the last recession of the early 90’s. In fact it was the biggest fall in more than 28 years.

The Chancellor of the Exchequer, Alistair Darling, is urging the public to give the economic policies of the government time to work. However, so far he has decline to publicly restate his previous forcast of an economic recovery later in 2009.

Share

Related Posts:

  • No Related Posts

One Reply to “It’s Official, The UK In Recession”

  1. Omar Ha-Redeye

    And to make things worse, a report by the New Economics Foundation released today also says that the British are officially tired, suspicious, bored and lonely:

    Entering a period of increased economic, social and environmental uncertainty, the consequences of the obsession with growth have become clear: a financial system increasingly disconnected from the real economy, unsustainable levels of debt and the strain placed on the planet by our high-consuming lifestyles.

    …the results challenge policy makers to understand why some countries are able to succeed in promoting social well-being despite having only moderate levels of personal well-being, and suggest that well-being could be enhanced by, for example, encouraging participation in local activities and trust in political institutions.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.