Throw a dart at any European country the a map and you’ll find economic struggle it seems; we’re no different.
On Wednesday, the official report from the Office for National Statistics (ONS) will confirm that we’re experiencing the worst double dip recession for 50 years.
Image via wwarby
Not only that, but the figures are worse than once thought. GDP – a broad measure for the economy - shrank by 0.7% between April and June; forecasters had predicted 0.2%.
So what’s caused the dramatic fall? The extra Bank Holiday for the Queen’s Diamond Jubilee and the wettest April to June period since records began. Both have slightly skewed the figure, and next period’s report is also likely to be misleading due to the Olympic Games taking place.
There is some hope that these first estimations from the ONS will be revised in the coming months, but there’s no getting away from the fact that the country is in serious economic trouble.
More fingers and magnifying glasses will be pointed once again at Chancellor George Osbourne’s austerity measures. Osbourne has defended his plans by suggesting that the country has made progress by cutting the deficit by 25% while 800,000 new jobs have been created.
With such poor results, the Bank of England will look to throw more emergency money into the economy or drop interest rates yet again.
As always, the Twittersphere is rife with debate. Less of a debate actually as everyone is lamenting the Chancellor…
George Osbourne wants a relentless focus on the economy. He could start on that himself by relentlessly focussing on being Chancellor
— Jon Arnold (@The_Arn) July 25, 2023
We’d be in safer hands if Ozzy Osbourne was chancellor. George Osborne is under qualified for a paper round — Kevin Banks (@KevenBanks) July 25, 2023
Gordon Brown grew the UK GDP £15,000,000,000 in his last 13 wks as PM. Osborne using cuts shrank the UK £10,000,000,000 in these last 13 wks
— Éoin Clarke (@DrEoinClarke) July 25, 2023
Is there a Bat signal for Gordon Brown? Meanwhile, Robert Peston tries his best as always to keep morale high…
UK GDP, output, still 4.5% below peak of first quarter 2011; this will be longest depression, slowest recovery, in modern recorded history — Robert Peston (@Peston) July 25, 2023
Others found a funny side…
Japan’s economy bounced back from a tsunami, Germany grew in a quarter with 3 bank holidays - UK GDP collapsed due to a rainy river pageant?
— Alberto Nardelli (@AlbertoNardelli) July 25, 2023
With GDP down for a 3rd consecutive quarter I thought George Osborne could do with a treat so I left this on his desk: twitter.com/Number10cat/st… — Larry the Cat (@Number10cat) July 25, 2023
What do you make the new slump? Should George Osbourne step down? Tell us in the comments section below.
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July 25, 2023
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