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Mad Tony
26-01-10, 13:51
The UK economy has come out of recession, after figures showed it had grown by a weaker-than-expected 0.1% in the last three months of 2009.

The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955.
There have been recent recovery signs - last week, UK unemployment fell for the first time in 18 months.

The UK's had been the last major economy still in recession.
Europe's two biggest economies - Germany and France - came out of recession last summer. Japan and the US also emerged from recession last year.

The weak level of growth took its toll on the value of the pound, which fell against both the dollar and the euro on the money markets.

'Below expectations'

"We can say that Britain has just crossed the line in coming out of recession," said BBC chief economics correspondent Hugh Pym.
"It [the growth figure] was below analysts' expectations. The figure could be moved down, or indeed upwards."

Our correspondent said the move out of recession had been greatly boosted by the government car scrappage scheme.

Joe Grice, from the Office for National Statistics (ONS), said the UK's production and service sectors each grew by 0.1% during the quarter.
The ONS figures also showed that GDP fell by a record 4.8% in 2009.
"The Q4 GDP figures are a major blow to hopes that the UK economy had emerged decisively from recession in Q4," said analyst Jonathan Loynes at Capital Economics.

"No doubt some commentators will claim that the figures are under-estimating the true strength of the recovery and will be revised up in time.
"That is certainly possible. But it won't change the big picture of an economy still operating way below both its pre-recession and trend levels of output.

http://news.bbc.co.uk/1/hi/business/8479639.stm

Well this is good I guess, but it doesn't really mean much. We've only just caught up with the rest of the western world and unemployment is still pretty high. We are in for a very long and slow recovery and no doubt David Cameron will get the blame for that if he gets elected as PM this year.

I just wonder when (not if) Gordon Brown will start using this to his advantage and if it'll backfire on him. After all, he helped to cause this and it's not like Labour did anything to help the economy.

Jack Croft
26-01-10, 14:12
Exactly now we have to recover from it, just because were 'out' doesnt mean its finished. :D

disneyprincess20
26-01-10, 14:32
I just wonder when (not if) Gordon Brown will start using this to his advantage and if it'll backfire on him. After all, he helped to cause this and it's not like Labour did anything to help the economy.

It is pretty galling to know that he's going to start preaching about how he's "brought this country out of economic recession" when he's the one that put us there. He could have held on to some of our gold reserves instead of selling them off when the price was a rock bottom. That might of helped during the recession.

Oh wait, he said there's be no more recessions. He said (http://newportcity.blogspot.com/2008/10/james-gordon-brown-end-to-boom-bust.html) he's caused the end of "boom and bust econimics".

The sooner a general election, the better. Maybe we can actually elect our leading party (and by proxy, it's leader) for once.

Mad Tony
26-01-10, 14:32
Exactly now we have to recover from it, just because were 'out' doesnt mean its finished. :DWell, the recession is finished but economic hardship for many people certainly isn't.

@disneyprincess20: I agree. Gordon Brown is by far the worst prime minister this country has ever had.

Phys
26-01-10, 15:06
It's funny how the newly elected always seem to get the blame. Gordon Brown was definitely the main blame for this but as you said, David Cameron will most likely get alot of it.

T-Sex
26-01-10, 15:06
Uh, cool i guess.

Mad Tony
26-01-10, 15:16
It's funny how the newly elected always seem to get the blame. Gordon Brown was definitely the main blame for this but as you said, David Cameron will most likely get alot of it.Well, we'll just have to wait and see. While Labour are happy to blame the recession solely on the United States at the moment, once they become the opposition I'm sure they'll have no qualms about blaming Cameron and the Tories for the slow recovery. They'll probably even blame them for the huge debt as well.

lara c. fan
26-01-10, 15:55
I swear a politician said we were out of it quite a while ago....
Either my brain or stupid politicians...

Mad Tony
26-01-10, 16:04
I swear a politician said we were out of it quite a while ago....
Either my brain or stupid politicians...Link? I've not heard anything about that before.

Chocola teapot
26-01-10, 16:06
Yay for us!

Archetype
26-01-10, 16:07
He could have held on to some of our gold reserves instead of selling them off when the price was a rock bottom.



Thing is though, gold doesn't have that much worth, as soon as you question its mystical value anyway.

lara c. fan
26-01-10, 16:08
Link? I've not heard anything about that before.

I can't remember who it was or where I saw it though :o

HappyShannon
26-01-10, 16:08
It better be over :pi:
My best friend - both her parents lost their jobs 'cause of this :o
I'm so glad it's over, hopefully they'll get 'em back :D

Chocola teapot
26-01-10, 16:12
They may not get them back, but they will get new ones!

Mad Tony
26-01-10, 16:13
Thing is though, gold doesn't have that much worth, as soon as you question its mystical value anyway.But still, he sold them when gold was at a comparatively low price. Gold prices are now at an all time high. If you're gonna sell our gold at least do it when the price is high. He was such a terrible chancellor. He presided over a period of economic prosperity created by the Tories and did not plan for the future. All he did was load the British public with hundreds of stealth taxes.

It better be over :pi:
My best friend - both her parents lost their jobs 'cause of this :o
I'm so glad it's over, hopefully they'll get 'em back :DUnfortunately it doesn't work like that. Recession is merely the term used to describe two consecutive quarters of economic growth. We're not out of the woods yet, but at the same time that doesn't mean we should carry on spending ourselves into debt like Labour are doing.

HappyShannon
26-01-10, 16:21
They may not get them back, but they will get new ones!

But still, he sold them when gold was at a comparatively low price. Gold prices are now at an all time high. If you're gonna sell our gold at least do it when the price is high. He was such a terrible chancellor. He presided over a period of economic prosperity created by the Tories and did not plan for the future. All he did was load the British public with hundreds of stealth taxes.

Unfortunately it doesn't work like that. Recession is merely the term used to describe two consecutive quarters of economic growth. We're not out of the woods yet, but at the same time that doesn't mean we should carry on spending ourselves into debt like Labour are doing.

Oh, ruin my childish innocence :o:p

Well, hopefully they'll get new jobs :pi: Something. Anything. My friend had to stay with her grandparents in the holidays 'cause of the lack of money. :pi:

SamReeves
26-01-10, 16:22
LMAO. Don't spend your money on that new plasma or Porche yet. Here in America we are headed for another nosedive it looks like.

Bongo Fury
26-01-10, 16:26
it's been a bad week in the markets for sure.

Mad Tony
26-01-10, 16:34
it's been a bad week in the markets for sure.It's because of Obama's crippling bank taxes.

LMAO. Don't spend your money on that new plasma or Porche yet. Here in America we are headed for another nosedive it looks like.What happened? Did Obama's economic policies finally take a toll on the country?

Archetype
26-01-10, 16:59
LMAO. Don't spend your money on that new plasma or Porche yet. Here in America we are headed for another nosedive it looks like.

The dollar's gonna continue to slide by the looks of it, go go obama.

Mad Tony
26-01-10, 17:00
The dollar's gonna continue to slide by the looks of it, go go obama.It's still stronger than the pound though isn't it?

Bongo Fury
26-01-10, 17:06
It's because of Obama's crippling bank taxes.
no doubt that was a big part of it. china's moves to cool down their economy was maybe the bigger contributor though.

Mad Tony
26-01-10, 17:09
no doubt that was a big part of it. china's moves to cool down their economy was maybe the bigger contributor though.Haven't heard anything about that. It's my understanding that lots of US banks saw their share prices plummet last week because of the proposed taxes, and this in turn affected the rest of the markets.

Bongo Fury
26-01-10, 17:27
Haven't heard anything about that. It's my understanding that lots of US banks saw their share prices plummet last week because of the proposed taxes, and this in turn affected the rest of the markets.

The Chinese are curtailing borrowing on the part of their banks because they want to slow their economy down, and it had a quite pronounced effect on mining and resource (oil,gas) based stocks and has the potential to depress things for a while.

with obama and the banks it is maybe more limited to the financial sector and maybe not such a widespread effect.

another issue was Bernake and his reappointment and that had made people a little jumpy this week too.

Mad Tony
26-01-10, 17:40
I heard stocks went up a little after it looked like Bernanke was going to be reappointed?

Bongo Fury
26-01-10, 18:05
I heard stocks went up a little after it looked like Bernanke was going to be reappointed?

I think they will decide his fate a couple of days from now. If I was a betting man I would guess he would be reappointed, but you never know.

SamReeves
26-01-10, 18:08
The dollar's gonna continue to slide by the looks of it, go go obama.

Yuppers. Our dollar isn't worth much of anything since they have been printed faster than a Domino's pizza.

It's because of Obama's crippling bank taxes.

What happened? Did Obama's economic policies finally take a toll on the country?

More like the last year and a half. Sorry to say it but Bush's first bailouts created this cascade. He should have stuck to capitalism and let the market work itself out. Now Obama has taken the oppourtunity to make things a lot worse with more bailouts, stimulus, taxes, and of course inflation.

The Chinese are curtailing borrowing on the part of their banks because they want to slow their economy down, and it had a quite pronounced effect on mining and resource (oil,gas) based stocks and has the potential to depress things for a while.

with obama and the banks it is maybe more limited to the financial sector and maybe not such a widespread effect.

another issue was Bernake and his reappointment and that had made people a little jumpy this week too.

Bernake has been a joke, and I wish they would have selected someone else for the Fed chair.

Bongo Fury
26-01-10, 18:16
Bernake has been a joke, and I wish they would have selected someone else for the Fed chair.

I probably would not argue with that. The markets hate uncertainty though and that is one of the big reasons why he'll probably be back.

Archetype
26-01-10, 18:36
It's still stronger than the pound though isn't it?

nah, dollar has never been stronger than the pound, atleast to my knowledge that is. Pretty sure that the pound is the strongest currency there is, but the euro isn't far off.


Yuppers. Our dollar isn't worth much of anything since they have been printed faster than a Domino's pizza.



Well china is already thinking about ditching it, looks like a world currency will be pushed through the IMF.

Mad Tony
26-01-10, 18:39
Well china is already thinking about ditching it, looks like a world currency will be pushed through the IMF.Lol, that'll never happen. Not in the foreseeable future anyway.

Archetype
26-01-10, 18:45
Lol, that'll never happen. Not in the foreseeable future anyway.

Almost happened with the euro didn't it? ;)

Mad Tony
26-01-10, 19:21
Almost happened with the euro didn't it? ;)Ah yes but the EU is a much smaller group than the world. I really don't want us to adopt the Euro, but my brain tells me that it'll happen within the next 10 or 20 years if we don't have a government which is willing to stand its ground and defend our sovereignty. I know the Conservatives are largely eurosceptic but I don't know whether they are eurosceptic enough. I can honestly see myself defecting to UKIP sometime in the future if the Conservatives continue Labour's submissive policies on the EU.

SamReeves
26-01-10, 21:38
nah, dollar has never been stronger than the pound, atleast to my knowledge that is. Pretty sure that the pound is the strongest currency there is, but the euro isn't far off.




Well china is already thinking about ditching it, looks like a world currency will be pushed through the IMF.

Almost happened with the euro didn't it? ;)

I get the bad feeling it could happen here. Unless we get a leader who's gonna say no the "worldo" currency, and get this country's spending back into order. I don't see either happening anytime soon. *sigh*

Phys
26-01-10, 22:38
I'm not sure if i'd like the idea of World Currency or not...

Mad Tony
26-01-10, 23:14
I'm not sure if i'd like the idea of World Currency or not...Well to me it's certainly a bad idea but it's never gonna happen. Brits here should be more worried about the government adopting the Euro.

Phys
26-01-10, 23:15
Well to me it's certainly a bad idea but it's never gonna happen. Brits here should be more worried about the government adopting the Euro.

I've been worried about that since it was first introduced... thankfully it hasn't been adopted (hopefully it wont).

Mad Tony
26-01-10, 23:17
I've been worried about that since it was first introduced... thankfully it hasn't been adopted (hopefully it wont).Even Labour are pretty resistent to the EU in comparison to other countries. I do expect that the Europeans will slowly eat away at us though, and we will adopt the Euro eventually, taking away our freedoms and independence in the process.

Lemmie
26-01-10, 23:38
Yuppers. Our dollar isn't worth much of anything since they have been printed faster than a Domino's pizza.


Funny, I didn't know you could print pizzas.

Still, good news I guess. Hopefully we can sustain growth through the next government, whoever they are (hoping for Lib Dems).

Agent 47
26-01-10, 23:45
Even Labour are pretty resistent to the EU in comparison to other countries. I do expect that the Europeans will slowly eat away at us though, and we will adopt the Euro eventually, taking away our freedoms and independence in the process.

That's easily solved ;)

The Americans did it...
We ourselves did it in the 1600's
The French did it...
The Russians did it...

yep, i'm talking about a good old fashioned REVOLUTION, i'd support and join one (provided i'm still alive of course) :pi: :D

Chocola teapot
26-01-10, 23:48
I Don't want Euro's.

:(

Agent 47
26-01-10, 23:55
I Don't want Euro's.

:(

then support a revolution :D

"we will fight them on the beaches, by land by sea by air...but we will never surrender" (pretty close so it'll do for me) :D

Chocola teapot
26-01-10, 23:57
I'd be willing to! :D

I doubt it would happen though!

Bongo Fury
27-01-10, 00:02
perhaps you might want to consider adopting the Canadian dollar(the currency of the future) it's quite nice and it's still got the queen for all you old monarchists out there.

aktrekker
27-01-10, 00:13
I don't care what anybody says. The US is NOT out of the recession. Our unemployment is still going up.

Phlip
27-01-10, 00:17
I don't care what anybody says. The US is NOT out of the recession. Our unemployment is still going up.

This is about the UK.

Mad Tony
27-01-10, 00:18
Still, good news I guess. Hopefully we can sustain growth through the next government, whoever they are (hoping for Lib Dems).Haha good luck. :ton: I am hoping the Lib Dems do well though. When the Lib Dems gain a vote we don't lose them, Labour do.

That's easily solved ;)

The Americans did it...
We ourselves did it in the 1600's
The French did it...
The Russians did it...

yep, i'm talking about a good old fashioned REVOLUTION, i'd support and join one (provided i'm still alive of course) :pi: :DI'd be up for a revolution given the right circumstances, but right now I see no need for one.

I don't care what anybody says. The US is NOT out of the recession. Our unemployment is still going up.Technically it is, and so is the UK. Recession is merely defined by GDP. Of course, being out of recession doesn't mean a country is out of economic hardship.