The markets sensed that this week was not going to be good for the UK and shares begun to slide and then tumble. After supposed green shoots of the start of a recovery today the bad news that the UK is in a double-dip recession has been revealed. This is the first such double dip recession in the UK since the 1970s.
Wednesday's Prime Minister's Question time in UK Parliament has been a heated one but one where UK PM Dodgy Dave Cameron has still insisted that this government will stick to its fiscal plan. Whilst that may have made sense if the news was promising today's dire economic news makes it madness.
Added to this we have another EU moment to treasure. One more of those "you have to laugh or else would cry" moments in time. As the Telegraph reported earlier this week "The European Commission is to defy austerity by demanding an EU budget increase of seven per cent meaning extra contributions from British taxpayers to Brussels of £900 million next year."
It was noted that this increase is over four per cent above the rate of EU inflation. The demand was made today, Wednesday 25, 2012. If the demand is met the UK will pay £14bil in 2013 as its part of the EU contribution.
The matter is up for debate in June at a Brussels meeting. No doubt this will be another expensive meeting involving overpaid Ministers jetting off to meet at luxurious places. French President Nicolas Sarkozy and UK PM David Cameron have already stipulated that their country's contributions are frozen and no increases will be paid. Will it be a matter of watch this space, yet again?
If the UK cave in and agree to the increases it will mean more public sector job losses, pay cuts and restraints. All so that a useless body of workers can continue. Sarkozy will have little room for manouvere as a freeze in EU contributions is central to his election campaign. If he does manage to get elected in May woe betide him if he welches on his manifesto.
Chancellor George Osborne has yet again insisted that the UK must stick to its austerity plans. With more and more UK money being sidelined for the EU one has to wonder why? Is it a case of it is his money to do with as he wants? I think not.
How much longer he can expect the people of the UK to tighten their belts whilst money is squandered, heaven only knows. If his austerity measures are not working but he sticks with them one has to assume that he has a hidden agenda such as hitting Labour Councils, reducing public sector jobs and pay and dismantling the NHS. If not what is the point of it?
Today the news revealed by ONS, that GDP shrank by 0.2pc over the first quarter of 2012, and we are now in a double-dip recession is terrible news. Of course it could bet a whole lot worse and unless the UK government get a grip it will do.
Don't forget to make your voice heard in the May local elections.