Monday, 29 October 2012

Whoopee! The Recession is Over!... errrm...

We all jumped for joy t'other day when figures for economic growth in the third quarter showed that the economy had grown by 1%, thus (technically) ending the UK's double-dip recession. Phew! Mr Osborne's plan is working! Well, cut off my legs and call me shorty and pardon me for doubting.
But hang on, what's this? Apparently 0.7% of the growth is sales of tickets for the Olympics - which won't be repeated so that will drop out of the figures for the next quarter, which leaves growth of 0.3%. Moreover, the sales of Olympics tickets merely goes to offset some of the £9 billion the Olympics cost us. So actually things are still looking a bit shaky. Back to the drawing board!

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