These are the GDP figures per quarter since Q4 2010, the time from which we can assume that the government’s policies “kicked-in”.
Q4 2010: -o.4%
Q1 2011: +0.4%
Q2 2011: +0.1%
Q3 2011: +0.6%
Q4 2011: -0.3%
Q1 2012: -0.2%
Q2 2012: -o.4%
Q3 2012: +o.9%
Q4 2012: -0.3%
If we now look at a “Moving Year”, that is to say, starting a year at Q4 2010, taking the four figures in blue and then adding them…..and then taking the next four numbers, starting with Q1 2011 etc, we have these GDP figures for the Moving Year:
+0.7% +0.8% +0.2% -o.3% zero zero
WE HAVE BEEN IN RECESSION or “FLATLINING” SINCE THE YEAR BEGINNING Q3 2011
The OECD statistics are HERE.
As you can see from the table, no matter how our government dresses-up the figures, we are the worst performing nation in this list (apart from Spain and Portugal).
The basic solution is simple. The Chancellor of the Exchequer needs to prioritise Growth ahead of Credit Rating.
Incidentally, much has been claimed by the government in respect of how many jobs they’ve created , WITHOUT any significant increase in GDP or “tax take”.
This could be the reason:
When the Coalition took power in May 2010, the number of unemployed people was 2.51 million. See HERE.
The latest figure shows that there are still 2.51 million unemployed in the United Kingdom. See HERE.
……….and no-one appears to have noticed!
All this banging-on about “THE MILLION JOBS we have created” since coming to power?
(Once again, the government appears to have been “economical with the actualité”.)