Economic recovery? Don't hold your breath: OECD and Bank chief raise fears of triple-dip recession
Spivs Comment.
"Hopes of a recovery"? Don't make me laugh. There will be no recovery, just slavery, unless these vile deviants are removed from power. For as long as we allow these parasites to steal from us, they will continue to do so. Who the fuck ever heard of a triple dip recession?
Hopes for recovery were dealt a fresh blow yesterday after leading economic experts sharply reduced their forecast for next year's growth to below 1 per cent.
The influential Organisation for Economic Cooperation and Development had predicted in May that GDP would rise by 1.9 per cent in 2013.
Sir Mervyn King, the Governor of the Bank of England, added to fears that Britain is in danger of re-entering recession, saying that the economy was at a 'tipping point'.
The OECD prediction made grim reading for David Cameron and George Osborne and sets the scene for a torrid Autumn Statement next week.
It overshadows confirmation that the economy grew by 1 per cent between July and September, ending the longest double-dip recession since the Second World War.
The downgrade by the Paris-based OECD comes as the threat of a full-blown global recession mounts. 'The world economy is far from being out of the woods,' said OECD secretary general Angel Gurria.
'Failure to solve the euro area debt crisis could lead to a major financial shock and global downturn.' The think-tank said Mr Osborne's budget plans 'remain appropriate to ensure the sustainability of the public finances' following the damage done by Labour – but only for now.
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It said austerity could be eased in the short-term if economic growth turns out to be weaker than feared, even if it means the Chancellor has to ditch his cast-iron budget rules.
The OECD said many of the UK's problems stem from abroad, not only in the eurozone but also as a result of a global slowdown. Pier Carlo Padoan, the OECD's chief economist, said: 'The risk of a major new contraction cannot be ruled out.'
'Far from being out of the woods': OECD secretary general Angel Gurria (right) said that 'failure to solve the euro area debt crisis could lead to a major financial shock and global downturn' but that George Osborne's (left) budget plans will appropriately maintain public finances after the damage done by Labour
Facing the Commons Treasury Committee, Sir Mervyn admitted that the Bank's forecasts had been too optimistic for far too long.
Asked why it had taken so long for the Bank to downgrade the outlook, the Governor said: 'We should have done it earlier and we didn't.
'There are times where you debate something and you finally decide, well look, our judgment really has to change now.' Sir Mervyn said the Bank will be in 'very good hands' when his successor Mark Carney takes over next year – but underlined the mammoth task he faces.
The Canadian was named as the next governor in an audacious move by Mr Osborne on Monday.
'It may be unreasonable to expect anything other than a slow and protracted recovery,' Sir Mervyn said. 'We do not think the chances of very rapid growth in 2013 and 2014 are very great.'
Read more: http://www.dailymail.co.uk/news/article-2239507/OECD-Mervyn-King-raise-fears-triple-dip-recession.html#ixzz2DVavg0ff
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john in cheshire
So, Mr King is using the I was only following orders excuse for his incompetence? I thought the Nuremburg trials dispelled that idea.