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Britain Out In The Cold As US Exits Recession

October 29, 2009

Gordon Brown is facing growing embarrassment over Britain’s recovery after it became the world’s only major economy still in recession as America returned to growth in the third quarter.

US gross domestic product (GDP), a key measure of a country's economic strength, grew by 3.5 per cent between July and September — at the top end of economists’ forecasts.

America joins Japan, China, Germany and France as the world’s leading economies that have emerged from recession.

Britain, the world’s sixth largest economy according to the World Bank, was widely expected to have recovered in the third quarter.

However, shock figures, released last week, showed that the UK economy contracted between July and September, leaving the country battling the longest recession on record.

GDP fell at a quarterly rate of 0.4 per cent, confounding analyst's expectations of a 0.2 per cent rise, though some economists said that the figures could be revised up in the coming months.

Today’s figures from America, and the impact on Britain’s standing compared to its peers, pile further pressure on Mr Brown ahead of a general election next year.

In September, Mr Brown had been upbeat on the country’s prospects of emerging from recession after pumping billions of taxpayers money into bailing out financial institutions.

He said: “We are now coming out of recession as a result of the actions that we have taken. I think you will see figures pretty soon that show the action that Britain has taken yielding effect.”

Last week, after Britain's GDP figures emerged, Mr Brown said that the country would be out of recession by the end of the year.

The upbeat data from the US, which reverses the 0.7 per cent contraction between April and June, means an end to its deepest recession for 70 years. The Dow Jones industrial average rose 77.60 points to 9,840.38.

However, some economists raised concern about whether the pace of growth was sustainable once the Government withdraws economic support.

Commenting on America’s figures, Bart van Ark, chief economist of The Conference Board, said: "The expansion in the third quarter shows we have clearly begun to emerge from the trough.

“But there's still a long way to go, and we still don't know enough about the sustainability of these recovery signals."

The third quarter recovery was generally broad based, with gains in consumer spending, exports and investment in home-construction.

Consumer spending, which accounts for over two-thirds of US economic activity, surged by 3.4 per cent in the third quarter, the fastest advance since the first quarter of 2007.

However, the downturn has taken a heavy toll on employment in the US. Some 7.6 million people have been laid off since the recession began, taking the total number of unemployed to 15.1 million.

Following the release of the GDP figures, Timothy Geithner, the US Treasury Secretary, said that the recession was “alive and acute” for millions of Americans.

Christina Romer, chairwoman of the White House Council of Economic Advisers, said today: "The turnaround in crucial labor market indicators, such as employment and the unemployment rate, typically occurs after the turnaround in GDP.

“... it will take sustained, robust GDP growth to bring the unemployment rate down substantially.”

Of the world's largest economies, China last week declared that their economy grew at an annual pace of 3.5 per cent in the third quarter, while Japan registered quarterly growth of 0.6 per cent between July and September.

The French and German economies both grew by 0.3 per cent on a quarterly basis.

Source; business.timesonline.co.uk

_________________
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Brummie Cabbie.

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Thats because we live in a country run by people who are more suited to running a working mans club in Ballingry, not the country.

Still, they'll all be gone this time next year.

and replaced by another bunch of half-wits

whats left of any unions are now starting to have a last stab at action, first the postal workers, whose next, the rail? - wont be the pits, theres none left, cant see it being the car factories cos half of em are already on shutdown...

They have lied about everything ,I was once a Labour supporter but they have let down the british working class big time , I will never vote labour again , we will be out of this mess when they the scumy [edited by admin] go !

We haven't got anything left to bring us out of the recession, we've no heavy industry, no more coal mines, no manufacturing we got nothing to bring money into the country, all our money is spent on imports from China, India, Morocco and Indonesia. It's going to be another 6 months before we come out of this recession.

Aye..and then some!!!!!

i very much doubt that

what have labour been saying from day one?

"weve had 10 years of tory mis-rule and it will take time"

soon it will be

"weve had 12 years of labour mis-rul and it will take time"


same [edited by admin], different day

not that westminster is the seat of UK goverment now..

best just bend over and be ready to take it like a man


http://www.express.co.uk/posts/view/136 ... income-tax

THE PENIS TAX



The only thing that HMG has not taxed is the penis.

This is due to the fact that:

40% of the time it's hanging around unemployed.

20% of the time it's [edited by admin] off.

30% of the time it's hard up.

10% of the time it is in the hole.

On top of all this, it has two dependants and they are both nuts.

Accordingly, starting January 1, 1999, penises will be taxed according to size. To determine the category, please consult the chart below and confirm this information of Page 2, Section 7, Line 3, of the standard 1040P form.

10 to 12 Inches = Luxury Tax £50.00

8 to 10 inches = Pole Tax £30.00

6 to 8 inches = Privilege Tax £15.00

4 to 6 inches = Nuisance Tax £5.00

PLEASE NOTE: Anyone under 4 inches is eligible for a refund.

PLEASE DO NOT REQUEST AN EXTENSION.

* Males exceeding 12 inches must file Capital Gains.

Sincerely,

Pecker Checker
Internal Revenue Service

It's not something I have to worry about being taxed on, but, out of curiosity is that size length or width

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

As the man said never mind the quality feel the width

Na Toots he's the dependants completely nuts

If I remember correctly, the Tory's were in power for 18 years so does this mean that for 8 years they were doing ok.

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Grandad,

Yes, but which 8 years was it..can anyone remember??

As an older man I'd like to say this as this is the 3rd recession in my working life.

A recession generally lasts 7 years, this current one started in 2004, not 2008 as the papers think and so venomously helped last year.

Working on my theory we have two scenario's

1 - It won't end until 2011

2 - A change of PM might restore confidence

With scenario number 2 this is what happened in 1997, one the Tories were out ppl came out of the woodwork and started spending, spending is good btw, it creates jobs which create more jobs, ppl feel better and act better.


BUT!!!!!

Last time around the Tories had spent nearly two decades ridding us of debt that the Labour party had accrude for us, this is never popular but has to be done, as it's going to have to be done all over again, if it can be done that is, I fear we are so far under now the interest will never allow us to lose the capital, I watched George Osbourne make a speech to this effect recently, but at the end of it his face gave the game away, he did the trademark lie face at the end of it, mixed in with a bit of we're ****ed but I can't say that face, so the Tories are either as devoid of a solution as Labour are, or they have a plan but know revealing it will make them unelectable, personally after last weeks QT show where Straw was revealed as coward stock I cannot wait to see the back of Labour and now know why Toryboy's were warning me in 1997 not to vote Labour, it comes down to it that we have 3 electable parties, 1 - Labour = spend like an irresponsible woman issued with a debit/credit card. 2 - Lib Dems = We don't wanna get elected, we're happy to take wages and criticise the others and have a tax raise manifesto. 3 - Conservative = Elitism, old boys back slapping, but run things on a more responsible level.


In 1997 all the hard work was done, you'd had Thatcher balance the books up albeit unpopularly, then Major took over, one thing I remember about him is he as soon as he took office reduced mortgage rates to give ppl like me who were struggling a chance to keep our homes, and to this day I maintain he was nothing like the media portrayed him, Labour really couldn't have failed at this time, Blair walks in and milks the Diana death and makes himself the countries relate officer overnight, everything is kicking along nicely until 2001, then the New York attack changed everything, before long we are spending huge on military opps in Iraq and now Afghanistan, something that might be palateable if they'd only say why, but the fact they won't suggests more Monopoly playing, by 2004 I notice a slow down, I hear ppl starting to moan about money, the cost of a house is now 3 times what it was in 1997 and to add to it the new issue to worry ppl about is energy, bills rise like Ron Jeremy's dick and still are, all the time the companies post good profits yet the threat goes on.


I personally think we're at a crossroads, for too long infiltrator's have made their way into the inportant jobs, infiltrator's who don't have the inteligence to do the jobs they've wormed into, dishonest self serving ppl, who see life as good as long as they are ok, ppl with no backbone, ppl like Straw who went as far as to tell the world it would be better off without the English because we are warrior like, the same warrior's that saved his families backside 70 years ago, the world needs the English, but for the English everyone would still be grunting at each other, without the English Hitler would've marched on, no other country does more to free ppl when they are invaded, Falklands,Kuwait,Bosnia for recent examples, everyone else looks the other way if it doesn't effect them, America only joined WW2 because the Japs sunk their fleet, if it'd been Canary Wharf demolished on 9/11 do you think they'd have come joined us on a crusade across the east? no other country has dragged man into modern times like this one, the Industrial Revolution where machines took over from man, and then sometime in the 50's it all started to go wrong for us, the world caught up a bit, we became lazy sitting on past achievement and let the others go past us, the 70's is the crucial one though, a Tory PM took us into Europe, something I feel is the catalyst for many of todays problems, rules,rules,rules and more stupid rules, effectively handcuffing us.

So whats required?

I think we need out of Europe asap, they say it will cost 3 million jobs, but how many will it create with the ports busy again with ships coming from such places as Aus and Canada, how many more jobs will become available with the filter effect, instant stop to migration, instant stop to our money going abroad each week on pay day, pull the army our of the middle east and save money there, reduce the strain on the NHS and have care available once again when ppl really need it, put pride back in and hopefully educate our feral youth to get back on board because I'm sure the half of it is they feel cut out of things and go feral, reduce tax, this can come from the reduction of benefit money and paid tax from those who are now working and spending, put an end to excuses for criminals and restore victims rights, get schools back to teaching education rather than how to read the PC guide 4 Dummies every day, teacher is right absolute, parents who attack a teacher or aren't happy about unimportant things either tow it or take their child elsewhere, keep bad influence out and the good kids will flourish, able bodied ppl on benefit made to work, they can stay on benefit to bring wage shortfall in enforced employment until they either find another job or reach retirement, a min wage of a sensible level will have to be established, at this time I would suggest no less than a £300 pw take home packet, realistic to the cost of living, but a person claiming £100 top up is better than a festering body claiming £250 isn't it? whats needed is someone with balls who can capture a nations imagination, and bring them together once more in a fair and equal society for all, and anyone not British I'm not advocating you get sent home unless you are a criminal, I'm just stating a line has to be drawn somewhere.

Your post had me captivated right up till the last paragraph, then I fell about laughing at just how unworkable your vision is.

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Grandad,

Great post Mr Doom; have you any Churchillian blood in you?

This is the fourth recession I can remember, with the one in the mid-1970's by far the worst for me; worse than the present one so far.

And according to the link below the last recession was also caused by the Yanks.

http://en.wikipedia.org/wiki/List_of_re ... ed_Kingdom

_________________
Kind regards,

Brummie Cabbie.

Type a message, post your news,
Disagree with other members' views;
But please, do have some decorum,
When debating on the TDO Forum.