THE UK ECONOMY
January | 2014 | Michael Roberts Blog.
1. In April 2014, Britain's economic output - gross domestic product (GDP) - has yet to return to pre-2008 levels.
2. Britain's recovery lags behind that in the US and Germany.
3. Britain's recovery is slower than that which followed the Great Depression of the 1930s.
4. Except for the rich elite, living standards are down.
At the time of the next UK election most people will be worse off than they were before the current Conservative government came to power.
Poster from the anti-EU UKIP party.
5. Paul Krugman, the Nobel prize-winning US economist, said: "So the UK government did a lot of austerity, then stopped doing more..."
That is because the austerity was not working.
6. Britain's recovery is now based on rising property prices in London and more consumer debt.
It is not based on increasing exports and increasing investment.
George Osborne's gamble: is it paying off?
UK government fails to cut spending despite "savage" cuts
2. Britain's recovery lags behind that in the US and Germany.
3. Britain's recovery is slower than that which followed the Great Depression of the 1930s.
4. Except for the rich elite, living standards are down.
At the time of the next UK election most people will be worse off than they were before the current Conservative government came to power.
Poster from the anti-EU UKIP party.
5. Paul Krugman, the Nobel prize-winning US economist, said: "So the UK government did a lot of austerity, then stopped doing more..."
That is because the austerity was not working.
6. Britain's recovery is now based on rising property prices in London and more consumer debt.
It is not based on increasing exports and increasing investment.
George Osborne's gamble: is it paying off?
UK government fails to cut spending despite "savage" cuts
Labels: austerity, debt, economy, Osborne, property prices, UK
posted by Anon @ 00:25
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