January 25th, 2013

+++ Q4 GDP -0.3% +++
Triple Dip Looming

  • Output of production industries decreased by 1.8% in Q4 2012 compared with Q3 2012.
  • Construction sector output increased by 0.3% in Q4 2012 compared with Q3 2012.
  • Output of service industries was estimated to have been flat in Q4 2012 compared with Q3 2012.
  • GDP was estimated to have been flat in Q4 2012, when compared with Q4 2011.
  • GDP is estimated to have been flat between 2011 and 2012.

Significantly worse than expected…


91 Comments

  1. 1
    corridor of uncertainty says:

    balls will be delighted

    Like

    • 3
      Lady Mangledbum says:

      I’ve got an uncertain corridor! Do you want to negotiate it?

      Like

      • 9
        A.N.Other Order-Order Bedwetter says:

        Noooo! The huge fall in fiddled unemployment figs. proves this contraction to be false!

        Like

        • 12
          Angela Merkel says:

          You Britischer ArschBandits make laughing when we do only +null comma sieben prozent 2012 GDP, Ja?

          Like

          • Putr1d Labour ruined my Country says:

            Labour wasted all the money and the Tories are still trying to get this under control. People are very quickly forgetting the scum Labour scorched earth strategy where there is a huge over run of debt.

            Like

          • Gideon says:

            Don’t worry, plebs. There’s always a silver lining to bad news. Petrol up 4p a litre next week, due to the stock market-driven ‘recovery’, caused by FED/BoE/ECB infinite money printing for their banker chums!

            Like

          • Misternedderry says:

            This is why we should not be waiting 5 years until maybe/never for a membership referendum on the EU. We need to get the hell out of the EU now! Get the massive burdens imposed by the EU on SMEs lifted and get major trade deals signed with the growing markets which represent the 93% of the global population outside the EU!!!

            We are being strangled by the drowning EU.

            We need action NOW! not the BS way too little way too late bollocks from the tories, and certainly not the delusional and damaging economic clusterfuck caused by labour.

            Like

        • 24
          Anonymous says:

          There are sensible investment and stupid investment, this government support stupid investment.

          This government cut spending on investment and spent in on consumptions.

          What is the point in wasting billions on wind farm when its so expensive, people cannot afford to use. Better to go for cheap energy. H2 railways is another stupid investment as it will not make a profit, government has to subsidies it for years and years.

          Like

          • Butch Dave says:

            Look on the bright side! That £20,000,000,000 of taxpayers’ hard-earned money, jizzed on the US-resident Somalian, with the drug-dealing brother, winning two golds in 2012 was bloody marvellous!

            Like

      • 17
        Anonymous says:

        When ever I said Osborne will end up destroying the economy, people in this blog say I am a Labour supporter, even though I only voted Labour once in 1997. Osborne and Alexander hasn’t got a clue about economy, even the 2 ED’s understand economy more.

        This government will borrow even more than what Labour borrowed in 13 years. When this government loses power economy will be in a worse state than May 2010.

        This government was formed to enjoy the trapping of power, nothing to do with national interest. It is still in power just to enjoy the trapping of power.

        There are good decent Conservative MPs like David Davies, etc hope they end up taking Conservative leadership to save this country.

        Like

        • 30
          Anonymous says:

          Osborne is a disaster UK cannot afford.

          Like

          • Peter Grimes says:

            Is the £20 billion mentionned above for windfarms in respect of the contracts which economically-incompetent, fiscally-incontinent ZaNuLieBor signed up to?

            Like

        • 35
          grammar says:

          Your spelling and punctuation are of a similar quality to the content of your comments,

          Like

        • 49
          Pundit Too says:

          You make some good points. Cannot agree with the 2 Ed’s having any semblence of economic wisdom though.

          Like

          • Anonymous says:

            Cannot be worse than Osborne?

            This government want to cut managers, problem is, who is checking what front line staff are doing? Or send even government jobs to India, while making someone redundant and paying them benefits. Wouldn’t it be cheaper in terms of total cash paid as salary to the person in India and benefits to the person in UK?

            Like

          • DYKEVISIONS says:

            Or taste in women, they have both balled BBC’s Steph Flounderer; pass the sick bag!

            I almost felt sorry for our Dave when a mad woman waved her BBC iPad at him at Davos at 30m 30seconds

            Like

        • 65
          spanows says:

          “This government will borrow even more than what Labour borrowed in 13 years.”

          face-palm…OF COURSE IT WILL! How can it NOT borrow more without closing the NHS tomorrow and stopping ALL benefits? National debt now is exactly as it was forecast 4 or 5 years ago, 40 billion and rising just in interest.

          Like

          • The coalition IS worse than even ZaNuLabour looters says:

            Here’s a start, stop giving £20 billion a year to DfID to spunk away propping up dictators overseas.
            Leave the EU and save another£20 billion up front and probably £100 billion in added regulation.
            Kill HS2 and save £33 billion.
            Cut government staff wages for everyone earning over £30k by 5% cut admin staff in the NHS by 20%.
            Close down Quangoland £200 billion saved?
            Ditch green garbage like the Climate Change Act saving £720 billion and end windfarm idiocy £??? billions a year?

            There’s a lot more fat that could be cut easily, with little pain, all it needs is fiscally competent individuals, who understand basic cost benefit analysis and how to manage income and expenditure.

            Like

          • Catty Comment (Ms) says:

            At last! Now you are beginning to get there. Please email a copy to George. Something for him to ponder when he gets a free moment away from the trough.

            Like

        • 82
          Mint Card says:

          You’re right there are far too many Cameron & Osborne lovers on this site to see the truth. The Conservative Party has been betrayed and now there is a long war to be fought to win it back to real conservative values that put small government, small state, low taxes and the nations needs first.

          Like

          • Misternedderry says:

            Correct. I am still voting UKIP. Although the tories are better than labour, to use an ill patient analogy, they are like giving a cancer sufferer expensive drugs to control the cancer, rather than a cure. Labour would give the same cancer sufferer lots of morphine. Cure the pain, but leave the cancer to kill the patient.

            Labour almost killed the patient. The tories are keeping the patient alive, but in a lot of pain and on very expensive treatment with no sign of recovery.

            I want a party who want to cure the patient.

            None of the three main parliamentary parties have a clue at the moment and ONLY UKIP consistently announce policies which understand the problems and show any chance at all of implementing a workable solution.

            Like

        • 86
          The Hodge offshore trust fund says:

          I totally agree. The problem is the wasters who are politicos who know sweet Fanny Adams about economics. All useless

          Like

        • 88
          Misternedderry says:

          They are borrowing more than labour, but that is because they are having to repay HUGE interest payments on the debt that labour ran up, on top of the actual debt repayments.

          This is keeping the deficit higher than it should be in spite of moderate cuts in expenditure.

          Considering how much wailing labour supporters are doing about the so-called savage and inhumane cuts, it is terrifying to consider how much bigger the deficit would be and how much bigger the debt would be too if labour had have clung to power in 2010.

          The debt is not rising as fast as it would have done under labour. Though it is still rising much too quickly.

          The tories need to free businesses from hugely burdensome red tape to allow them to be competitive internationally.

          We need to get the hell out of the EU for that.

          You cannot possibly believe that labour have the answers to the economic problems. Their increases in spending and business red-tape would be like trying to put out a fire with petrol. They still think that they can borrow and spend their way out of debt and tax us to prosperity.

          Like

    • 21
      Butch Dave's handlers says:

      Quick, talk about some never-to-happen Europe referendum shite to divert the Plebs from their collapsed living standards, bankers heisting the country’s wealth, and no future ever for indigenous white kids in fucked UK!

      Like

    • 36
      Sir William says:

      I’m looking forward to this new film about the life and loves of a South Coast MP – ‘Hancock’.

      “Raunchy and Revelatory” – Daily Excess
      “PHWOAARRR!” – the Star on Sunday
      “A ludic meditation on the post-postmodern zeitgeist” – Workwear Solutions Monthly

      Like

      • 85
        Former Colleague says:

        Me too. It may not be easy to find the right man to play the part. The final denouement in court should be spectacular – and there will surely be a few laughs too. Let’s hope we see a rerun of the famous dinner in the Guildhall with Gordon Brown, Fred Goodwin and some of Southsea’s prominent ‘businessmen’ at which the great immigration stitch-up was done – and some walk-on parts for some of the boys too?

        Like

  2. 2
    Peter Grimes says:

    Food for ZaNuLieBor, regrettably!

    Like

  3. 4
    Ed Miliband says:

    Well the figures aren’t that bad.

    Like

  4. 5
    Owen Jones says:

    I REPEAT, GET BRITAIN OUT !!!!!

    Like

    • 19
      Vote UKIP says:

      Another set of results along with all the other European ones that show the EU has failed miserably. It is not just Britain that needs to get out of the EU straitjacket, it needs every other member to do so as well.

      Like

      • 73
        Socialism Doesn't Work says:

        The EU is essentially a slightly modified Marxist construct and as such, was and is, doomed to failure, via economic collapse.

        Like

  5. 6
    Incompetents running your country says:

    Like

  6. 7
    Dave Bruce says:

    Awaiting Mr Balls to be all over the news smiling saying ‘I told u so’

    Like

  7. 8
    Steve Miliband says:

    Still, it’s nowhere near Gordons -2.1% Q4 2008

    Like

  8. 10
    Anonymous says:

    Time for some cuts!

    It should be out of recession for 2 months as well as in to be called a tripple dip.. this dip just had a divit in it.

    Like

  9. 11
    A Pleb says:

    Ed Balls passes though security to enter Parliament having been interviewed by Flanders.

    Police officer shouts ” Sir, you’ve left your bike on The Green “

    Like

  10. 14
    a non says:

    Looming- “A distorted, threatening appearance of something, as through fog or darkness.”
    Pessimist or optimist ?- Make your choice.

    Like

  11. 15

    Dearly Beloved,

    Even the Almighty is getting mighty pissed off now. We pray to God to consider giving these dear people His Comfort and His Strength to accept their Fate, whatever that might be, today please, and that they be Withdraw from this unrelenting Public Spotlight into a Remote and Inaccessible place, not to be seen or heard for a truly Lasting Time if Ever Again etc. etc.. We pray also for the Incredible and Continuing Strength and Guidance of the Long Suffering and Put Upon Judge and his Exhausted Assistants.

    In the name of The Father, and of The Son, and of The Holy Spirit.

    Amen.

    The Reverend Clink will now open a Fate Fete.

    Like

    • 36
      Matthew 8:26 says:

      ‘Why are ye fearful, O ye of little faith?’
      The Messiah Gordo is not on board the ship, nor the son of Gordo.

      Like

    • 45
      rebekah aka nellnewman says:

      ++++Laugh++++

      Is THAT court case still going on?

      Incredible truly incredible!

      Like

  12. 16
    Owen Jones says:

    For the whole year, growth was flat, the ONS said, adding that the “bumpy economy” was on a “sluggish trend, and suggested that a taxi is called for Prime Minister David Cameron”

    Like

  13. 18
    John Adlington says:

    Arguably the deeper the apparent contraction for 2012 Q4 the easier it will be to avoid a technical recession.

    Like

  14. 20
    SD says:

    Vote UKIP;

    Save £50+ million a day.

    Use the money for tax cuts to stimulate real growth in the proper economy – not this fake false growth of borrowing from future taxpayers to “invest”.

    Like

  15. 23
    Sandra in Accounts says:

    Osbourne is spending too much, borrowing too much and taxing the productive side of the economy way too much.

    If there was a Tory in the Government I am sure they could explain this simple premise to George and Dave & Nick & Vince.

    The state is the problem – not the economy. Leave us to it – get out of the way – & stop believing that you can tax, borrow and spend your way to growth – you can’t – only individuals and companies can provide real growth and real jobs.

    Vote UKIP – sensible policies for sensible people.

    Like

  16. 27
    Sarah says:

    These figures prove that The Coalition was wrong to follow Brownseian fiscal insanity to the letter.

    Small state + low taxes= Real economic growth. Not difficult to understand.

    Like

  17. 28
    Alan Rumpstinger says:

    Today I will be playing In a Monastery Garden.

    Like

  18. 31
    Ed Balls(Chancellor Of The Exchequer Designate) says:

    The economy grew more in the last year of the Labour government than in all three years of the Coalition put together.

    Like

    • 44
      The Economy says:

      Yes because you stimulated me with Billions of taxpayers cash and such things as the car scrappage scheme, you muppet

      Like

      • 91
        Misternedderry says:

        All stuff which has to be repaid by the tax-payer, hence the weight on the economy of the massive labour created government debt, the interest of which is making the debt bigger and bigger all the time, given that the insanely unaffordable social costs heaped on us all by labour have not been tackled properly yet.

        Like

  19. 32
  20. 38
    Sir William says:

    So – no change, plod on as before?

    Like

  21. 39
    Anonymous says:

    This is what you get with a part-time Chancellor.

    Like

  22. 42
    The Stilton Eater says:

    Osborne = Gordon Brown

    Fudged numbers
    Dodgy political schemes
    Big talk, small results
    Dives like a submarine when there’s bad news
    Disaster policies
    Makes tax system yet more complicated
    Can’t control the Treasury
    National hate figure
    The PM can’t sack him
    Candidate for worst Chancellor ever

    Like

    • 46
      rebekah aka nellnewman says:

      Well I admit he’s not good but he can’t the title of Worst Chancellor because gordon has got it and nobody , not even georgie porgie, will ever be as awful as gordon was.

      Like

      • 55
        Loopy Lou says:

        Can someone explain to me in five minutes how Family Credits are calculated ?

        Like

        • 58
          Bluebottle says:

          You will need to see a consultant about that.

          Like

        • 66
          Gonk III says:

          Imagine talking to BT faults for 5 hours, listening to Latvians chatter on the bus for about half an hour then drop a paving stone on your big toe. Multiply by 2, there you have it. Clear now.

          Like

        • 77
          Beryl says:

          Simple. Work out how family debits are calculated, then just stick a negative sign in front of your answer. Clear?

          Like

  23. 50
    Hang The B@stards says:

    Just wait until Jan 2014 when we have the 2 million wave of new benefits immigrants to pay for.

    Then remember they bread at an alarming rate, so within a few years that 2 million will be 3 million.

    There is not enough cash in the pockets of the British public to pay for this. Don’t they get it !

    Like

  24. 51
    restore the monasteries says:

    The EU needs to leave the EU!!!!…All the problems are Man/woman made!!
    Change the staff and start again…OOoo, a pig in flight…

    Like

  25. 52
    the Boy Plunger says:

    The FTse seems happy this morning .

    Like

  26. 56
    Gonk III says:

    That’s nothing, I can do 20 dips although struggle with pull ups.

    Like

  27. 57
    Prawn sandwich says:

    “Significantly worse than expected…” By whom.

    After a 10 year spending binge by Govt and private sector using house equity as private bank the so called pundits/politicians/commentators and general public expect things to get better without a significant contraction of the Potemkin debt fuelled growth of 1998-2008.

    until personal debt/govt borrowings come down and average earnings rise in real terms, why should we fare any better than Japan still mired following the collapse of their debt bubble in 1989.

    S Flanders belongs in O level economics class

    Like

  28. 59
    A seeker after truth says:

    News from Southwark Crown Court anyone?

    Like

  29. 67
    Jon Luisada says:

    Why is everybody surprised?

    It will go well beyond triple before this is all over.

    Like

  30. 70
    Let's play yo-yo says:

    Up down up down – make your mind up!

    http://www.bbc.co.uk/news/business-21193525

    Osborne is out of his depth, and Cameron tells huge porkies.

    Like

  31. 78
    Anonymous says:

    when will people finally realise that Tory policy doesnt work – Tax the poor to feed the rich. Perhaps its time the Tories realised that they arent too bright at economics and need to start listening to Labour.

    Like


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Owen Jones says:

We also need Zil lanes.


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