Today's question: are we heading back to recession?
As the OECD forecasts a winter recession for the UK, we want to know your thoughts on our immediate economic future.
The Organisation for Economic Co-operation and Development (OECD) has warned that the UK faces a ‘mild’ recession this winter.
The OECD forecasts that the UK economy will dip by 0.03% in the final quarter of 2011 and by 0.15% in the first quarter of 2012.
It predicts overall growth for the UK of 0.9% in 2011 and 0.5% in 2012, significantly below the independent Office for Budget Responsibility (OBR) March forecasts of 1.7% for this year and 2.5% for next.
It’s expected to cut those forecasts today to around 1%.
We want to know your thoughts on whether we’re heading back to recession. Do you trust the government to lead us through these stormy economic times? Would Labour do a better job?
Let us know what you think via the Comments box below.
More: UK banks downgraded: What it means for you | Unemployment hits 17-year high
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Comments
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EU creative? The EU has 27 creative, exciting visions, one for each member state acting in what they consider to be in the best interests of their country. Hardly surprising as, in a democracy, you have to get elected first before you can make a difference. Recesson in the UK? All depends on the Eurozone, or should I say Greater Germany. Whilst the Germans have perfectly valid points they are all long term and will take at least a year to come to fruition. The problem is 'now' and a solution for 'now' is required to give the debtor nations time to adjust and at interest rates that they can afford. At least Draghi at the ECB is starting to sound less hawkish. Hopefully at next Fridays meeting the Eurozone governments will agree to some form of closer scrutiny of national budgets to appease Germany and then the 'independant' ECB will let rip. It ain't perfect but sometimes we have to choose between the lesser of two or more evils.
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Recession? Fragile recovery? There's nothing left to recover. Manufacturing accounts for something between 12 and 14% of GDP. The rest? Banking, insurance, retail, services. So in order for there to be a recovery we all need to go and take out a loan from our friendly loan sharks, buy insurance from dodgy bookies, go shopping for imported goods, buy a new mobile phone, head off for a holiday, and all will be well again. Recession in some form or other is inevitable. I don't want my tax money to go to paying bank interest on government borrowing. We must all suffer a drop in our incomes and are already doing so now. It's called inflation.
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'The Eu ...fresh...new...exciting...creative..vision'. Whatever drugs you're on pal, care to share?
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02 December 2011