The Wilted Rose

Charting Labour meltdown 2007-2010

So it’s the worst recession since the 1930s

According to the thinktank NIESR, it is the worst recession since the 1930s Great Depression:
The National Institute of Economic and Social Research (NIESR) said in 2009 the country’s GDP could contract by 4.3%, and then grow in 2010 by 0.9%.

But the Nationwide Building Society said UK consumer confidence saw its biggest rise in two years last month.

Separately, a committee of MPs has criticised the government’s growth forecasts as “too optimistic”.

The government has predicted the economy will shrink by 3.5% this year, and then grow by 1.25% in 2010.

But the Treasury Committee said it was “very concerned about the state of the public finances” in its report on the Budget, and questioned the chancellor’s assumption that positive growth will resume in the final quarter of this year.

Whether it is as bad as the Great Depression depends on whether the lenders manage to con people into buying what are still overvalued properties; whether the jobs gloom worsens; whether consumer confidence and, therefore, spending improves; and, in other words, whether we return to the vicious cycle of debt – credit-card or mortgage fuelled – that led to this recession.

I should know about job losses, as mine (and another colleague) is due to go in September, unless one of the people who are responsible for the finances in the university decide to keep us on. My future is in their hands – and whether I can continue living at home, or have to emigrate again to Great Britain to continue my career, or at least  earn a living. I’m not the only one whose life is on hold, but at least I don’t have a mortgage any more. I do have a pension, but having a job is essential to securing it for the future.

There are sadly many people in Brown’s Britain who don’t have the option to go elsewhere looking for a job, because they’d be penalised by the tax and benefit system; it would break up their marriage or wreck their family; whereas many others can sit in their state-paid-for welfare-houses and do nothing.

Getting on my bike, as Lord Tebbit once said, is an option for me – but, sadly, not for most Britons. Brown must go.

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7 May, 2009 - Posted by | politics | , , , , , ,

4 Comments »

  1. Единственным надежным правом на Руси было крепостное.
    С.АБРАМОВ.

    Comment by Moorcebef | 7 May, 2009 | Reply

  2. Эгоист – это тот, кто не думает обо мне.
    НЕИЗВЕСТНЫЙ.

    Comment by MoidoSots | 7 May, 2009 | Reply

  3. […] Read more: So it’s the worst recession since the 1930s […]

    Pingback by So it’s the worst recession since the 1930s | 8 May, 2009 | Reply

  4. […] So it’s the worst recession since the 1930s […]

    Pingback by Daily News About Depression : A few links about Depression - Thursday, 14 May 2009 12:59 | 14 May, 2009 | Reply


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