Inquiring minds are gazing across the pond at our cousin’s, the Brits, who surprised the economists. It is being reported that the economic downturn in the last quarter last year where the GDP shrank by 0.6%, was the largest GDP fall in two years:
The downturn – the biggest GDP fall since the second quarter in 2009 – was a surprise to economists who had expected the original estimates to be revised upwards.
Despite the ‘disappointing’ figures, which ended 12 months of economic growth, the Treasury remains defiant.
A spokesman for the department insisted: ‘The Chancellor said that the fourth quarter growth figures were disappointing and today’s revision doesn’t change that fact.
‘It also doesn’t change the need to deal with the nation’s credit card – the country is borrowing more this year than is spent on the entire NHS.’
Notice what they compare the increase in borrowing to? Their version of Obamacare! You can just see how socialized healthcare saves money, can’t you? Remember that the NHS (of Britain) is the third largest employer in the world…following only the Army of The People’s Republic of China and the Railroad of India.
By reading father down the column, the reader is met with even more negative economic data:
– business investment was down 2.5% to £29.6 billion.
– manufacturing sector although up an anemic 1.1% was revised down from growth of 1.4%.
– construction (which boosted growth in the second and third quarter of 2010) output dropped 2.5% in the fourth quarter.
– Household spending also declined by 0.1% in the last quarter.
This spring and summer should produce some interesting organized events throughout Europe.
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