Saturday, January 26th 2013 - 04:10 UTC

Chancellor Osborne will ‘not run away’ from UK economic woes despite triple-dip recession signals

Chancellor George Osborne has vowed not to “run away” from Britain's economic woes amid fresh signs the UK is heading for an unprecedented triple dip recession. The first official estimate from the Office for National Statistics (ONS) revealed the economy shrank by 0.3% between October and December, slamming the recovery into reverse after the 0.9% growth seen in the previous quarter.

Labour accused Osborne of being ”asleep at the wheel”

IMF Blanchard suggested Osborne should slow down spending cuts

Deputy PM Nick Clegg called for more investment in infrastructure to support growth

Figures also showed the economy flat lined in 2012 as a whole and experts predict it will not regain its peak level for another two years.

Pressure is now intensifying on Mr Osborne to do more to jump-start the ailing economy in his forthcoming March budget.

Accused by Labour of being “asleep at the wheel”, he is facing increasing criticism over his austerity program and as Britain risks losing its coveted AAA rating after all three major ratings agencies put the country on negative outlook.

Shadow chancellor Ed Balls accused Mr Cameron and Mr Osborne of being “asleep at the wheel”. He said: “Today is the moment when David Cameron and George Osborne's complacency is completely exposed. These deeply disappointing figures expose just how dangerously complacent the Prime Minister was when he said last autumn that the 'good news will keep coming'.”

Olivier Blanchard, chief economist at the International Monetary Fund, suggested earlier this week that Mr Osborne should slow down his spending cuts, saying now was a “good time to take stock”.

Deputy Prime Minister Nick Clegg also appeared to admit the coalition cut spending too deeply when it took power, saying there should have been more investment in infrastructure to support growth.

The fourth quarter decline in gross domestic product (GDP) is worse than the 0.1% drop expected by most economists and it is feared the decline has put the UK on course for the first triple dip since official records began. Most economists were forecasting a drop of 0.1% and a bounce back from the longest double-dip recession since the 1950s in the third quarter.

Mr Osborne said: “We have a reminder today that Britain faces a very difficult economic situation. A reminder that last year was particularly difficult, that we face problems at home because of the debts built up over many years, and problems abroad with the Euro-zone, where we export most of our products, in recession.

”Now, we can either run away from those problems or we can confront them and I am determined to confront them so that we can go on creating jobs for the people of this country”.

A Treasury spokesman said: ”The official forecast was that the UK economy would contract in the last quarter of 2012 so this figure is not unexpected. It confirms what we already knew - that Britain, like many European countries, still faces a very difficult economic situation”.
 

35 comments Feed

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1 willi1 (#) Jan 26th, 2013 - 07:49 am Report abuse
uk in or out of the eu? may be better out for the eu...??
2 stick up your junta (#) Jan 26th, 2013 - 09:50 am Report abuse
@1
As my old Mum use to say “always someone worse of than you”

en.mercopress.com/2013/01/26/spain-s-jobless-soars-to-26-1.8-million-households-with-no-member-employed
3 LEPRecon (#) Jan 26th, 2013 - 11:41 am Report abuse
No matter what you think of his politics it certainly shows the difference between the UK and Argentine politicians.

In Argentina they lie, deny, and then blame someone else for their problems. Then they try to divert the people's attention away from the mess they've made by flogging the dead horse that is their Falklands sovereignty claim.

In the UK the government accepts responsibility, not only for their own actions, but for the actions of the previous government. They face up to the problems and try to come up with solutions. No blame, no diversion, no lies.

Yes, the UK is having it rough at the moment, but no one has ever denied that, but as 'stick up your junta' says, there is always someone far worse off than you are yourself.
4 Trunce (#) Jan 26th, 2013 - 12:02 pm Report abuse
Irrational comment - with the PIGS about to become PIGIS with Italy.

www.publicserviceeurope.com/article/2900/italian-economy-could-collapse-even-with-monti-as-pm
5 DanyBerger (#) Jan 26th, 2013 - 12:32 pm Report abuse
Well, well well after all the liar politicians in UK have admitted how bad de economy in UK it is.

The envious Brits plebs cannot digest that Argentina is booming compared with UK shitty situation.

Sad for them the idiots prefer to eat grass than admit the reality.

What can we do?

The only way to escape starvation in Britain is Heathrow airport 8 terminal.

A one way ticket to Africa will alleviate the pain.

After all is not so bad to visit your family when things go wrong.
6 Boovis (#) Jan 26th, 2013 - 12:36 pm Report abuse
hey never said the UK is booming, but remind me what your inflation rate is again...or are you not allowed to say? Dick.
7 DanyBerger (#) Jan 26th, 2013 - 12:55 pm Report abuse
Inflation when an economy is booming is a minor issue.
8 Trunce (#) Jan 26th, 2013 - 01:05 pm Report abuse
Ooops

My post at 4 was in response to @1 willi1
9 Anglotino (#) Jan 26th, 2013 - 01:08 pm Report abuse
“Inflation when an economy is booming is a minor issue.”

Argentina has the highest inflation in South America and as at the end of last quarter, the lowest annual growth rate for the 12 South American nations. Argentina isn't booming, it's tanking

High inflation + low growth = stagflation.

Look it up!
10 DanyBerger (#) Jan 26th, 2013 - 01:44 pm Report abuse
@Angola Latino
Argentina is booming, consumers are spending steady you cannot find people to fit vacancies in companies, salaries keep rising, etc, etc.

How do you talk about a country like Argentina when the only thing you know for certain is Maradona and the hand of god?

BTW have you visited your family in Angola?
Someone told me that in Angola they are far, far, far better than in poor shitty UK.

What are you waiting for mate?
11 andy65 (#) Jan 26th, 2013 - 03:04 pm Report abuse
@DanyBerge, If your economy is booming why have Argentina slipped down the GDP rankings?? you are now well outside the G20 around 27th so thats hardly a booming economy where as The UK is about to overtake Brazil
Why does a booming economy like Argentina (your words) allow 25% of it's population to struggle and get by on less than $7 per day???does this not prove that old Crissy Botox is stuffing hers and Maximos pockets with $$$$$$

As usual Berger your talking shit
12 CaptainSilver (#) Jan 26th, 2013 - 03:22 pm Report abuse
@10 At least some of us can talk about RGland. Sounds like you know nothing of Angola or the UK.
All those homeless surviving Indians collecting up the cardboard and plastic after dark whilst the politicos and Mafia gangsters splurge their wealth on the waterfront, the anti Falklands posters and slogans. To me, its a bit like North Korea with Tango. Anyway, you will see many fewer British tourists now
13 toooldtodieyoung (#) Jan 26th, 2013 - 03:29 pm Report abuse
This is a f**king joke!!!!!!

Thank you, thank you, THANK YOU!!!! George Osborne and Camer-moron and Nick Clegg for pushing the the UK economy into another recession!!!

How many must we endue before one of you admits that you are / were wrong?? Our economy is now in THE WORST state it has EVER been, in history EVER..... but oh, last quarter everyone was sucking each others d*cks and patting themselves on the back and saying that the recession was over.........

Now look, I think that Guy Fawkes had the right idea..... what was it that some one said ( on here ) never underestimate the power of stupid people in large groups.

Triple A credit rating in the toilet,

TREBLE dip recession.

Army, navy and Air force being dismantled in front of everyone.

Single mum's, people claiming disablility benefit, thrown to the wolves.

20% VAT and fuel increase of 4p a litre

Blockbuster, HMV and Jessops gone bust........

Yeah, I don't know why we are all not dancing in the streets........
14 reality check (#) Jan 26th, 2013 - 04:36 pm Report abuse
www.youtube.com/watch?v=ZR6wok7g7do
.
15 Conqueror (#) Jan 26th, 2013 - 06:17 pm Report abuse
@1 If the people of Britain get their say, the UK will be OUT. Whether that is good or bad for the EU would then be irrelevant. Perhaps the EU would learn not to try to micromanage every country. But then it seems that, looking back, the EU is another attempt by France and Germany to rule Europe. Didn't really know how to run an empire, did they. That's why the British Empire was the largest and most long-lasting. There are 206 countries in the world. Should we limit ourselves to 26? Or go for 205?
@5,7,10. Argieland is booming? When did that happen? Unions constantly in dispute with government. Ditto farmers. Industrial production way down. Poor harvests. Demonstrations, marches, riots, wage inflation. If you can hear “booming”, it's the sound of your country imploding. And if things are “booming”, why don't you pay your debts? Mind you, do you actually reside in argieland? Or are you like P-H? Talking from as far away as possible.
@13 Oh dear, you are in a bad way. Try remembering who put the UK and the British people in the mire. The Labour Party. Did you expect the new government to put 13 years of borrowing and misgovernment in 2 years? Last I heard, we still have out Tripe A. It's hard to say our armed forces are being dismantled when we're still buying and building new kit! And let's wait and see about that “thrown to the wolves” huh? And you forgot Comet! Have we got 26% inflation? Have we got a CC rating? Is a £ worth 14 cents? Are you scrounging through bins for food? Have you got a navy that doesn't dare go to sea? An air force where the wings fall off? An army that's more like a street gang? Has Britain actually got anybody in government as useless as tinpotman, putrid jelly or cretina? I know some are pretty bad, like Clegg, but really? The clucks of argieland are down with the turds.
16 briton (#) Jan 26th, 2013 - 08:44 pm Report abuse
[ 5 ]
BTW what produce Britain on these days apart of debt
Im not an expert, but these are some things about British export.
Just some countries in pounds, [ave ]
1, Canada £4 billion
2, Sweden £ 5 billion
3, Russia £ 3.8 billion
4, Japan, £ 3.6 billion
5, china £ 7 billion
5, Singapore, £ 2.8 billion
6, Hong Kong, £ 3.5 billion
7, USA, £ 31.7 billion
8, Ireland, £ 14 billion
9, France , £18.9 billion
10, Spain £ 7.9 billion
11, U.A.E. £ 3.8billion
12, Germany £ 27.5 billion
13, India, £ 4.6 billion
14, Australia, £ 3.3 billion
Not bad,
Top ten products.
1, nuclear items,
2, minerals and fuels
3, cars
4, electrical machinery
5, pharmaceuticals products
6, gem stones,
7, medical and surgical items
8, organic chemicals
9, aircraft and spacecraft.
10, plastic items.
Not bad for a broke country
And that’s just a fraction,
www.guardian.co.uk/news/datablog/2010/feb/24/uk-trade-exports-imports#_
NEXT.
British you know there great .chuckle..
17 Marcos Alejandro (#) Jan 26th, 2013 - 10:08 pm Report abuse
I know I posted this Brit comment yesterday. He was so right :-)

”What has happened to our nation....famous throughout History for producing world-class statesmen and leaders of the highest quality?
To anyone who knows British History well, the mess that our nation finds itself in today is incredible and astounding beyond belief!
Our independence gone, our national wealth being given away, our Armed Forces heading for extinction, our industries eliminated, our country flooded with too many immigrants to the point of endangering our national cultures and identities.....
Let us not fool ourselves any more!
Britain's situation is dire and desperate, our bright lights, fancy stores and glitzy entertainment notwithstanding.
Unless some strong, intelligent, responsible and patriotic leadership can be found for Britain, our nation is doomed to a third- or fourth- rate future.
Let us not fool ourselves any more!”
18 DanyBerger (#) Jan 27th, 2013 - 05:47 am Report abuse
The problem is that you guys refuse to see the real thing and like the tale of the frog that is cooking slowly from cold water when you realise that the water is too hot just will be too late.

Britain is shrinking since long, long, long time ago when politician started to think that nations can live without producing anything at all and that by borrowing money from abroad all will be fine.

And to make things worse when the bubble explodes they don’t have any better idea that to shrink the economy even more by applying cuts in public spending.

Well some people learn from another people mistakes, another learn from their own mistakes and the idiots never learn.
19 reality check (#) Jan 27th, 2013 - 08:47 am Report abuse
Ah Dannyboy! The ever dependable doomsayer

www.youtube.com/watch?v=w7RIgs3eygo
20 DanyBerger (#) Jan 27th, 2013 - 09:24 am Report abuse
How old are you? 80 perhaps?

I would like to recommend you to get out side more often and see the real world how looks like. Then come back and may be, may be we can have some kind of serious conversation.

Will you?
21 reality check (#) Jan 27th, 2013 - 09:26 am Report abuse
www.youtube.com/watch?v=w7RIgs3eygo
22 andy65 (#) Jan 27th, 2013 - 01:54 pm Report abuse
DIRTY DANNYBERGER never answer a question when the ruth is put to him-piece of shit-We talk about our problems we know what our problems are where as Argentines don't even know what day it is most days never mind there official inflation rate I BET YOUR ONE OF THE SADDIES LIVING ON LESS THAN $7 per day or perhaps you have a little sideline printing $$$$$ you could always try opening a scrap metal business theres a huge piece of crap submerged on its side in one of your ports that needs dealing with and finally if that shit hole Argentina is doing so well why are you slipping down the GDP rankings rapidly????
23 Marcos Alejandro (#) Jan 27th, 2013 - 05:02 pm Report abuse
British Treasury

”If we vote to leave the EU, can we still ask them to bail us out?
24 briton (#) Jan 27th, 2013 - 07:27 pm Report abuse
18 DanyBerger
Well some people learn from another people mistakes, another learn from their own mistakes and the idiots never learn
////////////////////////////
1982
Need we say anymore?
,,,,,,,,,,,,,,,,,,
23 Marcos Alejandro
If we vote to leave the EU, can we still ask them to bail us out?

[if we leave the EU,
We won’t need bailing out
We will have billions and billion to invest,
next

.
25 s1b (#) Jan 28th, 2013 - 12:58 am Report abuse
@24
the UK owes one trillon dollars...accept the facts ...and start paying such debt charging a tax on the cornish pasties! uuuuuuuuuuujajaja!
26 Nostrolldamus the 8th (#) Jan 28th, 2013 - 02:50 am Report abuse
TRIPLE DIP RECESSION?

Wow, not even Argentina has ever had a Triple dip!

Europeans, you are rewriting the economic books! hahahahaa

Quadruple dip... that just sounds plain queer.
27 Anglotino (#) Jan 28th, 2013 - 03:06 am Report abuse
Yeah so much better to have a full economic collapse.
Have a full depression.
Default on debt.
And redominate the currency.

Argentina wishes it had had a triple dip recession.

And after the next crash, they'll all wish they had been lucky enough to have had a triple dip recession.
28 reality check (#) Jan 28th, 2013 - 09:30 am Report abuse
UK inflation rate 2.7%
Argentine infaltion rate 30%

Know where I would rather live.
29 DanyBerger (#) Jan 28th, 2013 - 11:35 am Report abuse
Oh dio!

The stupid Birts will come in bulk again dropping them self from shitty British Air noways planes just to clean toilettes in Argentina and Brasil like they did before.

So they can keep buying kebabs, curry and pyjamas from sinking motherland.

May be we are lucky and Cristina imposes a tax or cap to restrict people with pyjamas coming from certain Islands and that also drive on the wrong side.

Oh! Please help is required and faster than ever or someone call the cops please.

We all know how this start one day you see one standing in one corner and then start to multiply like insects and when you react is too late.

They start to claim Buenos Aires, Cordoba, etc or anything surrendered by water like the mosquito with dengue and then they plant they nasty flag.

Tips to recognise a Brit invader at glance.

1- After 40 years in the same country they never learn the language.
2- After 50 years they still cannot pronounce the J no matter how you will try to make he learn for example they say ohhhrje instead of Jorge.
3- Doesn’t matter hisage still listening Elton John
4- They claim to be democratic but still sing stuff to a nanny queens.
5- Always will claim that in his motherland country everything is better but always will refuse to go back even if you pay for his ticket.
6- Pyjamas always look for them because they are good for camouflage.

Well contributions from other poster will be appreciated.

Good luck and no panic please...
30 Anglotino (#) Jan 28th, 2013 - 12:08 pm Report abuse
Speaking of never learning a language.......

That post made no sense whatsoever!
31 reality check (#) Jan 28th, 2013 - 12:16 pm Report abuse
Whacky backy or moon shine, one or the other.
32 s1b (#) Jan 28th, 2013 - 05:22 pm Report abuse
@30 Langostino
The UK team posts don't make sense! Mind your own country! bloody rubbish english people!
33 briton (#) Jan 28th, 2013 - 07:24 pm Report abuse
danny you know nowt,

besides only the brits can have a tripple bypass, and still come back smelling of roses.

and you lot cant even look after ya own ships.
34 Anglotino (#) Jan 28th, 2013 - 07:49 pm Report abuse
@ 32 Suzie

I'm not English!
35 DanyBerger (#) Jan 29th, 2013 - 05:46 pm Report abuse
@Anglotino

“I'm not English!”

And WTF you are so?

Anglo

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