Given that NI has also had to suffer COVID and *apart from one thing* has rough parity with rUK, is it time to say “We told you so” yet?
*Cost of lockdown
Lock up healthy workers.
Stop supply chains.
Print money.
Less goods available.
Supply v Demand (Economics 101)
The result INFLATION
But the experts and the government predicted the opposite!
The terrace chant is appropriate ‘You don’t know what you’re doing’
It shrunk when the economy lost over a million workers, who were never replaced.
People like Boris don’t understand at a base level that for an economy to function people need money.
Without people spending their money there is no economy. No one’s buying anything if they’re struggling to make rent or feed their children.
Brexit Bonus
At least we control the fish now
Thats… what happens when you shut down the economy for two years, implement a major shuffling of international relations and embargo a major energy producing state – on top of not having fully recovered from the last recession.
(Edit: I’m not saying whether we should or shouldn’t have done those things, just that they’re all major contributors to the economic shitshow we have today)
The economy has taken one beating after another and has barely had enough time to recover between beatings.
This is be become very difficult for any businesses to plan ahead for any expansions.
With such minor growth across Eu & UK in last period it’s seems like many are just quibbling about the numbers for the he’ll of it. .
The coming Post Covid period with it’s rising inflation will give a better indication of the long term underlying strength of National economies.
How low can you go!
Because them darn kids are still getting their chocolatemilk for freee!! – Tory worshippers probably
I heard that we’re predicted to have the slowest growth in the G7 soon, and the longest lasting recession.
One silver lining is I won’t have to hear Boris say “fastest growing economy in the G7” anymore when Starmer asks him about starving kids or something.
Delivering!
Have you done your bit for the great economy and taken a paycut
BBC radio was very clear that this is due to the war in Ukraine and the end of Covid. Nothing else. Nope. Definitely nothing the government has done, all totally out of Big Dog’s hands. Don’t even mention the government in fact, this is all down to international events, unlike the recession Labour caused in 2008.
Fun fact. Since this kind of economic data is lag data, we aren’t finding out about being in recession now. We are finding out that we entered recession in march/april.
Also it isn’t a recession yet if we go by the “two consecutive quarters” rule. I disagree with Sunak on most things but he could be right about us avoiding recession if the economy turns around by august.
When are we going to call it a recession?
Is this why the 300million a week boost from brexit for the NHS hasn’t started yet?
Hahahahhahaha she’s startin
So in 2020 the entire world did a little experiment when it came to consumerism. In some form or another, all countries essentially banned discretionary spending from about April 2020.
Almost immediately around the world, the GDP’s of countries dropped from 10-25%.
This showed how important it was for the middle classes to have discretionary income, and spend it in the economy.
So now we have masses of inflation. Everything is going up in price, and people are having to tighten their belts and curb their spending.
What do the Tories, the ‘party of the economy’, do to help?
Why they increase peoples taxes, of course! Absolutely genius move, from the economic geniuses that are the Tory party.
People having even less discretionary income will surely only work to bolster the economy further! Because, like… Reasons, or something?
I’ve just managed to get a new job with more money, however my rental agreement is about to end, so now I have to halt all spending incase we need to move house or pay a huge amount more because rental costs have gone up so much that our landlord might take the piss and crank our monthly payments through the roof. It sucks, I finally get more money and it doesn’t feel like anything has changed 🙁
Don’t worry guys, just repeat the mantras:
“Building back better”
“Delivering for the British people”
and “Levelling up the economy”
Say a little prayer and count to three and we’ll be back to normal in no time!
Can we stop calling it the cost of living crisis…its the rampant profiteering crisis!!
I feel like we gonna be fine.
As long as taxes from our pockets keep proping corporate and donations are flowing, I think we can just bootstrap trough another decade of eating weak lentil soup everyday and keep losing money by putting that £1.29 on “saving” accounts.
Listen, things are going to get exponential worse. People should be spending a lot of money on canned and dried foods now for what’s to come. I mean it, have a good years or more if you can of food stored, and remember – You don’t even own the shirt on your back.
This is what happens when the current administration has no imagination and is completely out of touch with the general populace. There are a number of policies they could in-act; instead they are constantly fire-fighting to save Boris from whatever scandal he’s embroiled in.
If you know the basics of economy you would totally see why it’s going so shitty for Britain
All thanks to Brexit, which has done nothing but make the average person’s life more difficult for no fucking reason.
No, it was fucked as soon as the racists were sold the idea that leaving the European Common market would turn the UK into some sort of 1950s white utopia where middle income folks could afford to buy a house and go on holiday a couple of times a year, which is exactly what the global rich wanted them to believe because their own wealth is essentially stateless
Stagflation is really fun, absolute shite few years ahead of us.
“Let the bodies pile high” – British PM
Isn’t that the whole point, to reduce inflation.
Since the referendum the UK has experienced greater economic growth than any comparable EU nation
38 comments
This can’t be, I am assured we are the fastest growing economy by our great and glorious leader.
He wouldn’t lie to me, would he?
“Unexpectedly shrank”? There’s nothing unexpected about it.
nOthINg tO Do WITh bRExit
> City economists had forecast modest growth of 0.1%. Growth over the three-month period to the end of April came close to stalling at 0.2%.
Ireland is [around 5% growth](https://ec.europa.eu/info/business-economy-euro/economic-performance-and-forecasts/economic-performance-country/ireland/economic-forecast-ireland_en). Best info I can find quickly for N.Ireland puts them at [3.6% growth](https://danskebank.co.uk/business/economic-analysis/quarterly-sectoral-forecasts/northern-ireland-quarterly-sectoral-forecasts-2022-q2).
Given that NI has also had to suffer COVID and *apart from one thing* has rough parity with rUK, is it time to say “We told you so” yet?
*Cost of lockdown
Lock up healthy workers.
Stop supply chains.
Print money.
Less goods available.
Supply v Demand (Economics 101)
The result INFLATION
But the experts and the government predicted the opposite!
The terrace chant is appropriate ‘You don’t know what you’re doing’
It shrunk when the economy lost over a million workers, who were never replaced.
People like Boris don’t understand at a base level that for an economy to function people need money.
Without people spending their money there is no economy. No one’s buying anything if they’re struggling to make rent or feed their children.
Brexit Bonus
At least we control the fish now
Thats… what happens when you shut down the economy for two years, implement a major shuffling of international relations and embargo a major energy producing state – on top of not having fully recovered from the last recession.
(Edit: I’m not saying whether we should or shouldn’t have done those things, just that they’re all major contributors to the economic shitshow we have today)
The economy has taken one beating after another and has barely had enough time to recover between beatings.
This is be become very difficult for any businesses to plan ahead for any expansions.
With such minor growth across Eu & UK in last period it’s seems like many are just quibbling about the numbers for the he’ll of it. .
The coming Post Covid period with it’s rising inflation will give a better indication of the long term underlying strength of National economies.
How low can you go!
Because them darn kids are still getting their chocolatemilk for freee!! – Tory worshippers probably
I heard that we’re predicted to have the slowest growth in the G7 soon, and the longest lasting recession.
One silver lining is I won’t have to hear Boris say “fastest growing economy in the G7” anymore when Starmer asks him about starving kids or something.
Delivering!
Have you done your bit for the great economy and taken a paycut
BBC radio was very clear that this is due to the war in Ukraine and the end of Covid. Nothing else. Nope. Definitely nothing the government has done, all totally out of Big Dog’s hands. Don’t even mention the government in fact, this is all down to international events, unlike the recession Labour caused in 2008.
Fun fact. Since this kind of economic data is lag data, we aren’t finding out about being in recession now. We are finding out that we entered recession in march/april.
Also it isn’t a recession yet if we go by the “two consecutive quarters” rule. I disagree with Sunak on most things but he could be right about us avoiding recession if the economy turns around by august.
When are we going to call it a recession?
Is this why the 300million a week boost from brexit for the NHS hasn’t started yet?
Hahahahhahaha she’s startin
So in 2020 the entire world did a little experiment when it came to consumerism. In some form or another, all countries essentially banned discretionary spending from about April 2020.
Almost immediately around the world, the GDP’s of countries dropped from 10-25%.
This showed how important it was for the middle classes to have discretionary income, and spend it in the economy.
So now we have masses of inflation. Everything is going up in price, and people are having to tighten their belts and curb their spending.
What do the Tories, the ‘party of the economy’, do to help?
Why they increase peoples taxes, of course! Absolutely genius move, from the economic geniuses that are the Tory party.
People having even less discretionary income will surely only work to bolster the economy further! Because, like… Reasons, or something?
I’ve just managed to get a new job with more money, however my rental agreement is about to end, so now I have to halt all spending incase we need to move house or pay a huge amount more because rental costs have gone up so much that our landlord might take the piss and crank our monthly payments through the roof. It sucks, I finally get more money and it doesn’t feel like anything has changed 🙁
Don’t worry guys, just repeat the mantras:
“Building back better”
“Delivering for the British people”
and “Levelling up the economy”
Say a little prayer and count to three and we’ll be back to normal in no time!
Can we stop calling it the cost of living crisis…its the rampant profiteering crisis!!
I feel like we gonna be fine.
As long as taxes from our pockets keep proping corporate and donations are flowing, I think we can just bootstrap trough another decade of eating weak lentil soup everyday and keep losing money by putting that £1.29 on “saving” accounts.
Listen, things are going to get exponential worse. People should be spending a lot of money on canned and dried foods now for what’s to come. I mean it, have a good years or more if you can of food stored, and remember – You don’t even own the shirt on your back.
This is what happens when the current administration has no imagination and is completely out of touch with the general populace. There are a number of policies they could in-act; instead they are constantly fire-fighting to save Boris from whatever scandal he’s embroiled in.
If you know the basics of economy you would totally see why it’s going so shitty for Britain
All thanks to Brexit, which has done nothing but make the average person’s life more difficult for no fucking reason.
No, it was fucked as soon as the racists were sold the idea that leaving the European Common market would turn the UK into some sort of 1950s white utopia where middle income folks could afford to buy a house and go on holiday a couple of times a year, which is exactly what the global rich wanted them to believe because their own wealth is essentially stateless
Stagflation is really fun, absolute shite few years ahead of us.
“Let the bodies pile high” – British PM
Isn’t that the whole point, to reduce inflation.
Since the referendum the UK has experienced greater economic growth than any comparable EU nation
Here is the IMF database for GDP – you can play with the years or add new countries to see how they measure cross country GDP. https://www.imf.org/external/datamapper/NGDPD@WEO/FRA/DEU/ITA/ESP/GBR
In 2016 vs 2022 figures we have the following (in $b):
France – 2.47 vs 2.97 – growth of 20.2% over the 6 years.
Germany – 3.47 vs 4.26 – growth of over 22.8%….
Italy – 1.88 vs 2.06 – growth of over 9.6%….
Spain – 1.23 vs 1.44 – growth of over 17.1%….
Britain – 2.73 vs 3.38 – growth of 23.8%….
UK: “The economy hasn’t grown as much as it should have had you not broken it.”
Tory: “Ah, but it HAS grown!”
Late stage capitalism baybee!