The sun may have shone this week in the UK, making it seem more like Summer than early Spring, but it is official - we are back in a recession.
UK Chancellor George Osborne has in the past made much of how his fiscal plans, and recent budget, will steer the Good Ship Great Britain to safety as it rides the tide of EU Economic disaster but it appears that we have sailed too close to the wind.
Osborne can hardly blame the global economic climate ad wider picture as after all former Labour leader Gordon Brown was denied this get out clause. It would seem George that you have made your bed and we, the Great British Public are going to have to lie in it with you.
The Organisation for Economic Co-operation and Development (OECD) announced the gloomy news today, March 29, 2012. No more posturing and paying lip service to a possible recovery. It is a recession, with all its associated problems, plain and simple.
In a nutshell, "UK Gross domestic product (GDP) is expected to shrink by 0.1% in the first three months of this year, according to the OECD, after the economy contracted 0.3% in the fourth quarter of 2011." Chancelor Osborne may attempt to prtety up the state of the UK economy but he cannot deny recession. In truth hopefully we will not be as hard hit as in 2008 but it is still bad news.
A little over a week ago Osborne announced his Spring budget to the House and the country. He predicted the economy would avoid slipping into recession.
Are Chancellor Osborne's austerity measures working? It would seem that they are not.