I got chastised elsewhere when I predicted a double-dip recession in the UK - but I was right - and I got chastised again 2 months ago when (without waiting for the figures) I opined that the UK was in a triple-dip recession.

 

Well, the figures are due out tomorrow (Thurs) and expert commentators are now saying they will indeed show the UK in a triple-dip recession. Meantime the much vaunted AAA credit-rating has been withdrawn, firstly by Moody's and now by Fitch - with the final blow coming up shortly.

 

Meanwhile UK Chancellor and multimillionaire, Gideon Osbourne (who uses the name "George" in an effort to appear normal), nips over the border to attempt to peddle the line that a Rump UK would "likely" refuse to enter into a formal monetary union with an Independent Scotland and would rather accept a £70 billion hole in its balance of payments (which is already running a humungous deficit) and the loss of multi trillion dollar oil assets which the UK requires to finance its still-rising borrowing to service its sea of debt.  

 

This from a man who has NO formal economics qualifications whatsoever and whose only "real" job (i.e. outside the political bubble) was re-folding towels in a Selfridges department store.

Note: he was not sufficiently trusted to fold the towels in the first place, just re-fold them.

 

Update: It seems that despite the predictions on the BBC Politics Show yesterday, there has been 0.03% growth and a triple-dip has been avoided - so a further chastisement is in order and is accepted.

 

I say "seems" because these quarterly figures have a habit of being revised later, though a downwards revision of more than 0.3% is unlikely.

 

I'll go fold some towels now.

 

What do you mean, it's doing 10 times better than you're citing (it's 0.3% versus 0.03%)! 

 

We yanks have been proud of our economy for the last year or so but that's only because we're comparing how we are doing to how our friends on the continent are doing.  Of course, we sorta ignore the Asian economic growth which makes ours look a tad bit anemic.

Bob, you're right - I put 0.03 at the top of my post and the correct figure (0.3) at the bottom.

 

Can't edit it now - sorry