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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 UK.
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
