UK recession deepens after 0.7% fall in GDP
People never say what they think when the economic news is bad for fear of making it worse. I think my limited number of readers gives me licence to buck that trend. I am getting deeply worried about the depth of economic deterioration of our economy. Avoiding a political perspective I think from an economist point of view there is little we can do in the short term to sort it out. I really do think we need to radically consider how all communities and especially those living in less well connected and therefore more expensive to live in locations are going to get by with less… much less.
The source of my despondency is the worst sequence of macro-economic figures for the UK in over 50 years. The BBC trailed this phenomenon as follows:
The UK recession has deepened, latest official figures have shown, after the output of the economy fell by 0.7% between April and June. The contraction was much bigger than expected and follows a 0.3% drop in the first three months of the year. The Office for National Statistics said the fall was largely due to a sharp slowdown in the construction sector. It said it was not yet sure of the size of the effect of the poor weather and the extra June bank holiday.
This means that these figures, which are the first estimate for what happened in the economy between April and June, are more uncertain than usual.