The UK economy is in recession - official

Nobby_Barnes said:
Like I said , depends on your definition. Mine is is different to this 'Torston' bloke you are quoting. Surprise surprise he's involved with the Labour party....
Thanks 👍
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You know, for someone who reckons to have moved on from supporting the Tories, you still seem awfully keen to defend them.

We'll just tell everyone who is struggling that it's ok, Nobby's definition of recession is different so they can actually afford their weekly shop :rolleyes:

Just when I had started to think you had become a little more tolerable, you are back to true form. Good job.
 
Nobby_Barnes said:
When a recessionary phase sustains for a considerable length of time, it is known as a recession. A technical recession is when a country faces a back-to-back decline (for two consecutive quarters) in the GDP
GDP actually increased across the whole of 2023
Thanks 👍
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ONS reckon an increase of 0.1% in 2023 compared to 2022. Hardly an increase at all.

Besides, it’s hardly surprising if there was an increase. Loads of people are paying much more for their mortgage or rent. Both count towards GDP. It doesn’t mean more wealth was created. Just normal people taking the brunt of it again.
 
LessoftheLip said:
That should shut up the Sunak fan-boys for a day or so.

BBC News - GDP figures: UK entered recession in 2023, new figures show - BBC News
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It should but it won't. They've switched back to ignoring reality and attacking Starmer as a flip-flopper......reality is he's just adjusting labours plans for a first term based on how FUBAR'ed the economy will be when they take over.
 
Stocko said:
So what will that mean for the rest of the day?
Will the rain stop so I can take the dog out without getting soaked?
Will my bathroom fitter turn up as planned
Will home bargains have any logs in this afternoon 😜
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recession will hurt us all one way or another
 
Nobby_Barnes said:
When a recessionary phase sustains for a considerable length of time, it is known as a recession. A technical recession is when a country faces a back-to-back decline (for two consecutive quarters) in the GDP
GDP actually increased across the whole of 2023
Thanks 👍
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Are you sure GDP increased Nobby?
IMG_8897.png
 
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BoroMart said:
there is a universally accepted definition of recession by economic experts, the UK economy meets that criteria. Any other crazy outlier definition is irrelevant really
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Yeah I know, I quoted it earlier in the thread we are in a technical recession NOT a recession 👍
 
Nobby_Barnes said:
Yeah I know, I quoted it earlier in the thread we are in a technical recession NOT a recession 👍
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a recession is defined as 2 straight quarters of negative GDP growth.

The redefinition of a 'recession' as a 'technical recession', is done to undermine the message of government failure. Lets stop this 'technical recession' vs 'recession' bollox, we are in recession, it's a shallow recession so far but it IS a recession by definition
 
BoroMart said:
a recession is defined as 2 straight quarters of negative GDP growth.

The redefinition of a 'recession' as a 'technical recession', is done to undermine the message of government failure. Lets stop this 'technical recession' vs 'recession' bollox, we are in recession, it's a shallow recession so far but it IS a recession by definition
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Yeah but doesn't that depend on your definition of shallow? ;)
 
We can look forward to Sunak telling us that 2 quarters growth of 0.3% and 0.1% is only 'technical growth'.

Sky's (that well known critic of the tories - not) Sam Coates predicted at the weekend, some argument would be made about a 'technical recession'. As he said, no it is isn't, it is A recession.

The GDP per capita number is even worse - it fell from 2022 to 2023.
 
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BoroMart said:
a recession is defined as 2 straight quarters of negative GDP growth.

The redefinition of a 'recession' as a 'technical recession', is done to undermine the message of government failure. Lets stop this 'technical recession' vs 'recession' bollox, we are in recession, it's a shallow recession so far but it IS a recession by definition
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Like I said it depends on your definition 👍
 
sherlock1969 said:
Yeah but doesn't that depend on your definition of shallow? ;)
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well like a shallow grave, it's a deep enough to bury Rishi Sunak but still shallow enough for us to smell him and the tories as they decompose for the next 8 months, if it was deeper, there would be a no confidence from the tories in him and an immediate election called.
 
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