British economy fell deeper in recession than previously thought
Thursday, 24 May 2012
The simple maxim that radical austerity with little window to spur
economic stimulus is a no brainer can be seen glaringly clear in the
As the Conservative / Liberal government of Britain insists on radical
austerity measures whereby almost all money is taken out of the public
purse and saved on the guise reducing the deficit, it has left the
economy bare. Unemployment is out of control, inflation is rampant and
growth is no where in sight. Adding to that industrial and production
sentiments are down leading to a gloomy British economy at the moment.
Report out today show that the UK economy shrank by 0.3percent in the
first three months of the year, more than previously thought, revised
figures from the Office for National Statistics (ONS) show.
Initial estimate last month showed a contraction of 0.2 percent. The
downward revision was due to a bigger contraction in construction
output than previously estimated. Details from the BBC.
When the current coalition came to power, the promised the British
public that they will cut public debts, reduce red tape so as to
encourage business setup and force the banks to lend to businesses.
These have yet to be realised and after two years in control the
economy is going no where.
By Scancomark.se Team