Britain is suffering a double dip recession for the first time since 1975. Yesterday’s output figures show that the UK economy is nowhere near recovering from the credit crisis that started in 2007.
What does a ‘double dip’ recession mean? In jargon, it means that in six of the eight quarters (each year is split into quarters) since the ConDem coalition took office, the British economy has been shrinking. When Gideon Osborne, the 'arrogant posh boy' Chancellor, took office, the economy was growing by 1.1% per year. Once he started the drums of ‘austerity’, cutting public services to keep the rich in the City happy, that growth quickly turned negative.
In reality, a ‘double dip’ recession means that the charity UK Foodbank, which provides food parcels to people unable to pay for themselves, doubled the number of people who it helped last year. It is opening 2 new foodbanks every week at the moment. For the last six years, wages have fallen behind price rises and the cuts in benefits have made the suffering worse. If people have less money to spend, then less will be bought in shops so the service sector (a whopping 75% of the British economy) is stuck in recession.
What does a ‘double dip’ recession mean? In jargon, it means that in six of the eight quarters (each year is split into quarters) since the ConDem coalition took office, the British economy has been shrinking. When Gideon Osborne, the 'arrogant posh boy' Chancellor, took office, the economy was growing by 1.1% per year. Once he started the drums of ‘austerity’, cutting public services to keep the rich in the City happy, that growth quickly turned negative.
In reality, a ‘double dip’ recession means that the charity UK Foodbank, which provides food parcels to people unable to pay for themselves, doubled the number of people who it helped last year. It is opening 2 new foodbanks every week at the moment. For the last six years, wages have fallen behind price rises and the cuts in benefits have made the suffering worse. If people have less money to spend, then less will be bought in shops so the service sector (a whopping 75% of the British economy) is stuck in recession.