Britain faces worst recession in history, Cabinet minister Tessa Jowell admits - Telegraph

IMO I don't think we'll quite go into a depression, but a deep recession is pretty much a dead-cert now.

Labour had been peddling the theory that we'll be in for hell next year, then things will pick up and be back to normal in 2010/11. Clearly this is not going to happen, and it's likely the slump could easily last 5years+

 

Everything I have read has always said "slowly picking up towards the end of next year and getting better in 2010" I would believe the masses more that that one minister ?

 

Thats the whole point - the official line has been "thing picking up in 2010 etc", but she's basically letting on her that the 'unofficial' government view is much less rosy!

I suppose governments are there to try and put a positive spin on everything tho really

 

We had a meeting at work last week to discuss the impact on our business.

As a whole for our industry things wern't too bad apparently, until Mr D

issued his statement saying the state of the economy is the worst ever!!,

apparently thats what knocked the confidence out of the market.

lets hope it recovers sooner than later


Mart

 

My account knows Darling .

Nice daughters apparently but the guy himselfs lives in lala land .

 

You've only got to LOOK at the guy, he looks like Terry F*ckwit out of the Viz

Personally, I reckon Sh*t Brown appointed the biggest loser he could find so that when the economy HE built went **** up, he could point the finger and say, "Not me gov, it was him," and we'd all believe it.

Some of us, however, have more sense............

 

Darling can't even colour co ordinate his hair and eyebrows, how the hell do you expect the nut job to run the economy.

 

My reading has been to do with companies in the building trades etc and not what the government said I expected it to pick up this year but the FPDC predicted 2010 and they have been pretty close on what they say so far

 

It's going to get a lot worse, Toyota are looking like next to slash a huge number of jobs (16k reported apparently), a host of other big names down sizing to cope with the financial troubles makes you wonder what will be left.

Add to that the Madoff guy who swindled god knows how much and he may only be one of many out there... you have to wonder what the financial tsunami will be from that :s

 

What do you call 'normal'? Unsustainable borrowing? Reckless lending by the Banks?

This is the new normallity

 

Where did you get that info?

we heard exactly the opposite during our meeting last week. Apparently they are well insulated from the current mess, due to the way they fund themselves


Mart

 

Where did everyone stash all the money they made during the 'Super Boom' time

 

What do you base this on? Are you saying the we will be in a recession for 5 year plus? Or the economy will stop shrinking and remain static?

 

Ah, well, yes... no so much hidden, as invested... in BMW X5s etc.

 

Media is the main culprit for messing things up IMO

 

Yea, definately nothing to do with the government.

 

please, not this old bullsh1t.

 

Its not bullsh1t at all. Its not the main culprit but the world is now a place where time isn't an issue so financial problems in one part of the world affect all parts almost instantly.

The media appears determined to convince us the world is turning to **** and eventually it has a knock on effect. Its obviously not the cause but its certainly a factor.

Funny how the Olympic minister is mentioning this as we've got to waste vast amount of money on the Olympics during the worst economic downturn.

 

They have even found an excuse to reduce pensions next year too now!

Les

 

I hope I'm not speaking too soon but I entirely agree with this sentinment. My business (web design and SEO) was hit around Sept/Oct but this month we've just recorded our 2nd best ever month. Our clients have all (almost with exception) said their businesses have picked up this last month as well. Then we turn on the TV and hear the doom and gloom and it worries me because I am sure there is liquidity out there, but when hearing we have a 'year of hell' ahead, what should our clients, and indeed ourselves, do? Of course, most people will hang fire spending and that puts us back to square one again. I really believe the government should be fighting 2 fronts: the economic and the PR. This won't be the UK's worst ever recession but it is the UK's worst ever PR exercise.


R

 

Im sure it depends on what buisness your in really

- i cant imagine where all this liquidity is going to come from though


But there you go , its doubtless just me - If you just imagine everthing is fine and dandy , itll doubtless just turn out that way