Friday, 23 October 2009

Economics again

Recession figures are only part of the story

The United Kingdom is now, technically, only just out of the longest and deepest recession since records began, it says today on the wireless. It says it again and again.

Great news for surviving bankers, financialists and über-bureaucrats but how is it going to be different for hoi polloi? Easy, for many of us, things will get progressively worse.

Bad news in the education sphere includes headteachers’ making financial contingency plans for laying off the teachers and other staff that they will be having to ‘let go’ because there will not be mony to pay them,. Universities’ (always liking to be ahead of a trend) are already raising fruitless calls amongst their staff for voluntary redundancies, immediately prior to imposing massive involuntary ones before the end of the year.

Whatever cold comfort the politicians may draw from technicalities, it looks like we are in it for the long haul, and the war against economic decline will not be over by Christmas.

As I have been writing this, another cheery chappie has just popped up to speculate that recovery may take another three to five years… The good news is that other advanced economies are doing just a little better, and that this is about the only thing that might drag will ours up!

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