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Fri Jan 25, 2013, 10:51 AM

Britain's 'Triple Dip' Recession Perilously Close As Economy Shrinks

Source: Reuters

LONDON - Britain's economy shrank more than expected at the end of 2012 with a North Sea oil production slump, lower factory output and a hangover from London's Olympics pushing it perilously close to a "triple-dip" recession.

The country's gross domestic product fell 0.3 percent in the fourth quarter, the Office for National Statistics said on Friday, sharper than a 0.1 percent decline forecast by analysts.

The news is a blow for Britain's Conservative-led government, which a day earlier defended its austerity program against criticism from the International Monetary Fund. It needs solid growth to meet its budget targets, keep a triple-A debt rating and bolster its chances of winning a 2015 election.

Sterling fell to its lowest in 13-1/2 months against the euro and hit a five-month low against the dollar in response to the data. The euro was also buoyed by a stronger-than-expected German Ifo sentiment survey.

Read more: http://www.huffingtonpost.com/2013/01/25/britain-triple-dip-recession_n_2550520.html



Austerity Rules!

8 replies, 1517 views

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Reply Britain's 'Triple Dip' Recession Perilously Close As Economy Shrinks (Original post)
onehandle Jan 2013 OP
Lydia Leftcoast Jan 2013 #1
louis-t Jan 2013 #2
1StrongBlackMan Jan 2013 #3
louis-t Jan 2013 #7
1StrongBlackMan Jan 2013 #8
lunatica Jan 2013 #4
xtraxritical Jan 2013 #5
go west young man Jan 2013 #6

Response to onehandle (Original post)

Fri Jan 25, 2013, 10:53 AM

1. I'm sure it didn't help that the Conservative MPs LAUGHED

as they passed legislation that cut social benefits.

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Response to onehandle (Original post)

Fri Jan 25, 2013, 11:09 AM

2. Hey, you right-wing Brit morons......

AUSTERITY DOESN'T WORK, IN CASE YOU HAVEN'T HEARD.

Dumbasses.

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Response to louis-t (Reply #2)

Fri Jan 25, 2013, 11:32 AM

3. And yet ...

our rightwing american morons want to give it a shot.

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Response to 1StrongBlackMan (Reply #3)

Fri Jan 25, 2013, 03:46 PM

7. Isn't it funny how we keep hearing...

"WE DON'T WANNA BE GREECE OR EUROPE!1!!1!" yet every move repugs make is pushing us further into the same problems they are having in those countries.

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Response to louis-t (Reply #7)

Fri Jan 25, 2013, 03:50 PM

8. Crazy, huh? n/t

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Response to onehandle (Original post)

Fri Jan 25, 2013, 11:42 AM

4. Funny how the countries practicing austerity are circling the drain while

others who aren't are actually gaining economic ground. Yeah sure, not fast enough to satisfy the permanently pessimistic, but still far better than going into a third recession.

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Response to onehandle (Original post)

Fri Jan 25, 2013, 11:46 AM

5. Anyone here ever heard of "Hoovervilles"? His arusterity policies in the early 1930s plunged

 

the USA into the Great Depression, and RepubliCONs want to do it again!

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Response to onehandle (Original post)

Fri Jan 25, 2013, 12:05 PM

6. Cameron has pushed his ridiculous austerity measures

at any cost and made cuts into the DHS and the police and customs. Meanwhile utilities have been all privatized and gone through the roof. The whole thing is imploding. The conservatives have done more damage this time around than ever before. Yet just like the US the one thing they won't cut is the military budget. Idiots.

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