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longest recession on record - only in the UK - 10/23/2009 12:51:22 PM

LadyEllen

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It was announced today that the UK has now seen economic contraction for six quarters in a row - the longest period of such recession since records began shortly after WWII and, so some say, the longest period since the 1930s.

Meanwhile France and Germany saw their second consecutive quarters of growth, and the US, Italy and others are expected to see the same; every top economy but the UK is recovering, in other words. Sterling fell yet again on the currency markets, even against the struggling US dollar. As to unemployment, its expected to break records too, in a short time from now.

Our illustrious government has done little or nothing to repair the situation except to - in the best traditions of the boom times - borrow like crazy to try to prop things up. The talk about banking reform and building a more diverse economy is proving to be absolute bunkum.

France and Germany have such diverse economies - whilst our lot (Tory and New Labour Tory), did nothing as successive waves of manufacturing industries were wiped out, in some cases aiding and abetting their erasure even - our counterparts abroad did all they could to protect and maintain their manufacturers as ours looked to the fantastical notion that a consumer credit economy could be anything but a disaster. And after thirty odd years of that approach it remains to be seen whether the skills to resurrect manufacturing are still there.

A housing crisis - insufficient homes built so as to promote the equity necessary to fund credit, the largest wealth gap in Europe, a population disconnected from and disgusted by their political class now going bankrupt as the bankers get their latest bonus payments....

Never mind, its Saturday tomorrow

E

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RE: longest recession on record - only in the UK - 10/23/2009 12:58:49 PM

Moonhead

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A year and a half is the longest recession on record? What about the mid '70s or most of the '90s?

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RE: longest recession on record - only in the UK - 10/23/2009 1:04:12 PM

LadyEllen

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Apparently its true my lunarcranial friend - I expect those other downturns maybe had some ups in them?

E

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RE: longest recession on record - only in the UK - 10/23/2009 2:01:07 PM

Moonhead

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Maybe so.

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RE: longest recession on record - only in the UK - 10/25/2009 8:44:52 PM

MzMia

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LadyE, if the recession continues until this time next year, you will
be able to call it a Depression.
Depression by definiton is a prolonged "recession".

UK economy in its longest recession on record | Business | guardian.co.uk

Please keep us abreast on you're situation across the pond, I am really interested in
seeing how the UK digs itself out of this hole.

UK recession deepens as manufacturing wilts - Times Online

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RE: longest recession on record - only in the UK - 10/26/2009 5:51:13 AM

Aneirin

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Britain will only dig itself out of this hole when those that control this country find it profitable to do so.

As it seems we are still controlled by the financiers, the ones that caused this mess, I can't see much happening quickly, whilst they still breath fire at an incompetant government that removed the financial controls and safeguards that were in place to limit bank risk taking, back in the early Blair days, in the name of stimulating financial growth.

Perhaps a cynical view of this recession, all those jobs lost, will those jobs ever be available again, as it has been proved streamlining an operation works, workers can take pay dips, work longer hours for their employment, will these workers be valued I wonder, or abused by an employment sector that it seems values finance above a skilled, competant and loyal work force. Maybe the greed driven economy has already done too much damage.

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