UK tips into recession in huge blow to Rishi Sunak

[BumRushDaShow]

Source: The Guardian

Thu 15 Feb 2024 05.29 EST


The UK economy fell into recession at the end of last year as hard-pressed households cut back on spending amid the cost of living crisis, in a heavy blow to Rishi Sunak’s promise to kickstart growth.

The Office for National Statistics said gross domestic product (GDP) fell by a larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and collapse in retail sales in the run-up to Christmas.

It followed a drop of 0.1% in the third quarter, confirming a second consecutive quarter of falling national output – the technical definition of a recession. Official confirmation of a recession will embarrass the prime minister before a general election expected this year, having made growing the economy one of his five flagship priorities for government.

Rachel Reeves, the shadow chancellor, said Sunak’s promise was “in tatters” after years of economic stagnation under the Conservatives. “This is Rishi Sunak’s recession, and the news will be deeply worrying for families and business across Britain,” she said.

Read more: https://www.theguardian.com/business/2024/feb/15/uk-recession-consumers-cut-spending-gdp

[underpants]

1. So China's a mess. Japan slipped back and now this.

In one part it shows how well Biden has done but to another point, we are almost on an island. This could be bad.

[Johnny2X2X]

2. On inflation too

There are many modern economies in the world with inflation that is still a huge issue. Inflation was a global issue, nothing the US did or didn't do was going to cause global inflation, but Biden navigated global inflation much better than most of our peer countries economically.

[BumRushDaShow]

3. Yeah

that's why I'm monitoring.

Our Fed actually did holds on further interest rate increases while globally, other countries went up a notch or more.

What this might do (especially with China and now Japan) is suppress the demand for oil which might finally crack that mess that Saudi has been trying to pull off with OPEC and OPEC+. I.e., the reduced demand may eventually outstrip the supply cuts, where they can't cut much more because they NEED that oil money regardless and if no one is buying due to the pricing, then they are stuck.

[underpants]

5. 👍

Great ideas.

[FailureToCommunicate]

4. Three major world economies in trouble, but will our press praise Pres. Biden for...

keeping our together?

I holding, not holding, my breath.

[BumRushDaShow]

6. Don't worry

they are already behind the scenes building up the "BUT THE DEBT!!11!1!1!!!!" juggernaut (have seem some "quiet" articles starting up already).

[jvill]

7. Any idea how to stop all these terrible pop up ads???

It’s cute how when you click to close them they actually take the user to the destination site.

I’ll admit it’s been fun to slag all the advertisers, giving all their apps 1 star reviews and such, but it would be great if the ads didn’t make their close button so small that there’s no way to close it without triggering the CTA.

[moniss]

8. My advice is to

check out Ghostery.

[Farmer-Rick]

9. If you give a donation to DU they stop the ads

But you can go to goggle play and download an ad blocker.

I use AdGuard but there a lot of different ones you can download.

Hope this helps.

[IronLionZion]

10. There should be a setting in your browser to disable pop ups

then consider donating a few bucks to DU for an ad-free experience.

[Karma13612]

11. Yea, I noticed that too!

My iPad screen has about 2 square inches of readable space now.
It never used to be this bad.
I’m on a fixed retirement benefit and certainly can’t afford getting expensive popup blockers and pay for subscriptions.