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Fri Jan 11, 2013, 04:51 PM

(UK) Economy heading for triple-dip recession, NIESR warns

Source: The Guardian

Pressure mounted on the chancellor to moderate his austerity programme after analysis by a leading thinktank showed the UK economy heading for a triple-dip recession and high profile employers Honda and Jessops cut hundreds of jobs

The National Institute for Economic and Social Research (NIESR) said in its monthly health check that the economy shrank by 0.3% in the three months to December. Against a backdrop of weak consumer spending and a drop in manufacturing output, the estimates from NIESR may add fuel to campaigns for George Osborne to adopt a more radical approach to generating growth.

Plans by Honda to shed 800 jobs at its Swindon plant added to the dismay among unions and business lobby groups. Honda blamed a lack of demand for cars in recession-hit markets across continental Europe. Car sales were up 5% in Britain during 2012. The Unite union called the decision a "hammer blow" for those affected and the Swindon economy, and pointed out that 325 temporary workers had also left recently.

Administrators for the camera shop chain Jessops said a discussion with suppliers had revealed the business was no longer viable and all 189 shops would close, making 1370 staff redundant.

Read more: http://www.guardian.co.uk/business/2013/jan/11/economy-triple-dip-recession-niesr

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Reply (UK) Economy heading for triple-dip recession, NIESR warns (Original post)
alp227 Jan 2013 OP
Squinch Jan 2013 #1
starroute Jan 2013 #2

Response to alp227 (Original post)

Fri Jan 11, 2013, 04:57 PM

1. How much you want to bet the right-wingers call for more austerity?

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Response to alp227 (Original post)

Fri Jan 11, 2013, 06:50 PM

2. "A more radical agenda" ???

Somehow ideologically-motivated and socially-destructive austerity is considered moderate -- while simply not cutting budgets in the face of a recession gets described as "radical."

Are newspaper writers just stupid, or is there a sinister right-wing agenda behind this sort of propagandistic language?

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