UK GDP above pre crisis levels

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UK GDP above pre crisis levels

Postby Pixel8r » Fri Jul 25, 2014 11:01 am » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

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We are so full of doom & gloom, officially now we are booming stronger than in the peak of 2007. Certainly doesn't feel like that to me.
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Re: UK GDP above pre crisis levels

Postby warpig » Fri Jul 25, 2014 12:30 pm » Google Chrome 36.0.198 Google Chrome 36.0.198  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

Looks like the beginning of a double top to me.
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Fri Jul 25, 2014 12:34 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

I guess once you factor in the way they have manipulated the figures by adding drugs and prostitution into the GDP calculation we are still probably below.
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Re: UK GDP above pre crisis levels

Postby warpig » Fri Jul 25, 2014 12:55 pm » Google Chrome 36.0.198 Google Chrome 36.0.198  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

They only added £10B (£5B for drugs + £5B for prostitution) which is about .7% of GDP, so it's not a lot in the grand scheme of things.
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Fri Jul 25, 2014 1:46 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

warpig » Fri Jul 25, 2014 1:55 pm wrote:They only added £10B (£5B for drugs + £5B for prostitution) which is about .7% of GDP, so it's not a lot in the grand scheme of things.

Agreed but that would make it that we hadn't moved above 2007 levels yet.
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Re: UK GDP above pre crisis levels

Postby warpig » Fri Jul 25, 2014 2:49 pm » Google Chrome 36.0.198 Google Chrome 36.0.198  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

Only by about £6B.

Pixel8r » 25 Jul 2014 14:46 wrote:
warpig » Fri Jul 25, 2014 1:55 pm wrote:They only added £10B (£5B for drugs + £5B for prostitution) which is about .7% of GDP, so it's not a lot in the grand scheme of things.

Agreed but that would make it that we hadn't moved above 2007 levels yet.
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Fri Jul 25, 2014 2:53 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

Just imagine how rosy the growth figures are going to look when it gets to re-election time with an additional 5% added in September!

Drugs and prostitution add £10bn to UK economy

Prostitutes and drug dealers are set to give Britain a £10bn boost as the country revamps the way it measures its economy. Britain said on Thursday it would include prostitution and illegal drugs in its official national accounts for the first time. The move is one of the changes planned for September that will add up to 5 per cent to the UK’s gross domestic product.


GDP reaction: Clegg is 'really proud of rescuing British economy'

Deputy Prime Minister Nick Clegg has welcomed the news that Britain has finally emerged from its worst post-war downturn after growth of 0.8% in the second quarter of 2014, saying he was very proud of the coalition Government for "rescuing the British economy".

Mr Clegg said: "This is why we created the coalition Government back in 2010, to rescue the British economy.

"And the fact that the British economy is now as large, if not slightly larger than it was just before the crisis happened, shows that the rescue mission that we said was the principal purpose of this Government has worked...
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Fri Jul 25, 2014 2:54 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

warpig » Fri Jul 25, 2014 3:49 pm wrote:Only by about £6B.

Pixel8r » 25 Jul 2014 14:46 wrote:
warpig » Fri Jul 25, 2014 1:55 pm wrote:They only added £10B (£5B for drugs + £5B for prostitution) which is about .7% of GDP, so it's not a lot in the grand scheme of things.

Agreed but that would make it that we hadn't moved above 2007 levels yet.

Judging from what I have read today the changes haven't come into effect yet.
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Re: UK GDP above pre crisis levels

Postby Stun Lee and Win » Fri Jul 25, 2014 3:03 pm » Google Chrome 36.0.198 Google Chrome 36.0.198  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1920 x 1080 1920 x 1080

After decades of ruinous private debt increases and housing BoomBusts, what Britain really needed was an even bigger housing BoomBust. Well done Mr. Clegg :clap:
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Fri Jul 25, 2014 3:24 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

Stun Lee and Win » Fri Jul 25, 2014 4:03 pm wrote:After decades of ruinous private debt increases and housing BoomBusts, what Britain really needed was an even bigger housing BoomBust. Well done Mr. Clegg :clap:

Indeed, well done have an egg nog on us :lol:

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Re: UK GDP above pre crisis levels

Postby d2thdr » Sat Jul 26, 2014 8:20 pm »   iPad iPad  Screen Resolution: 768 x 1024 768 x 1024



Well, got to give it to Click Negg. He did what he promised. Now I hope he is re-elected and deals will the inventive book keeping that went into making the numbers look good. Why do these politicians not have professional indemnity insurance against their stupidity?
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Re: UK GDP above pre crisis levels

Postby warpig » Sat Jul 26, 2014 8:22 pm » Google Chrome 36.0.198 Google Chrome 36.0.198  Windows Seven 64 bits Windows Seven 64 bits  Screen Resolution: 1680 x 1050 1680 x 1050

No one would insure them... :D
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Re: UK GDP above pre crisis levels

Postby Laura » Sat Jul 26, 2014 9:45 pm » Google Chrome 35.0.190 Google Chrome 35.0.190  Windows Seven Windows Seven  Screen Resolution: 1280 x 800 1280 x 800

My bold

Mr Clegg said: "This is why we created the coalition Government back in 2010, to rescue the British economy.

"And the fact that the British economy is now as large, if not slightly larger than it was just before the crisis happened, shows that the rescue mission that we said was the principal purpose of this Government has worked...


I think I must have finally tripped out without the possibility of return.
I am familiar with the words of the language he is using, but strung together the result is devoid of meaning.
Even his hubris doesn't annoy me.

Next up: The Mighty Cligg rescues Britain from ebola. We will know in under a month.
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Sat Jul 26, 2014 10:37 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

I wonder who he is trying to convince, if we truly had been saved we would be the ones congratulating him he wouldn't need to be doing it to himself. I guess this all comes to the theory that if you get enough people to believe in a recovery it will just happen, may have worked in the past but this time the problems are a bit more systemic IMO.

So I guess the next question is how long till they realise that their game isn't working.
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Sun Jul 27, 2014 5:08 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

U.K. Recovery Flattered by Population Growth

By PAUL HANNON

It’s been an encouraging 24 hours for British economic policy makers. But the recent run of strong growth figures flatters the economy’s post-crisis performance, and understates the distance that still has to be covered until the recovery is complete.

For a fourth straight update, the International Monetary Fund Thursday raised its U.K. growth forecasts, and now expects real gross domestic product to increase by 3.2% this year, an outcome that is unlikely to be bettered by any other large developed economy.

Early Friday the Office for National Statistics announced that as a result of annualized growth of 3.2% in the second quarter, the British economy is at last larger than it was before the crisis hit in mid-2008.

To be fair to the U.K. government and the Bank of England, neither are claiming the recent pickup in growth has repaired the deep damage done to the economy in the years since the crisis. But it is worth remembering that most of the U.K.’s peers regained their pre-crisis scale many quarters ago, and that the U.K. has enjoyed much stronger population growth since the crisis hit, adding some 2.7 million people in the years between 2008 and 2014.

What that means is that output per capita is still some way below its pre-crisis level, and the U.K.’s performance by this metric does not compare well with most other developed economies...
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Sun Jul 27, 2014 6:02 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

UK economy: Why aren't I feeling better?

This morning's economic growth figures confirmed that the UK economy has returned to its pre-recession peak from 2008.

In other words, the economy is producing more than it has ever produced before - so should we not feel more prosperous than ever before?

The trouble is that overall gross domestic product (GDP) is not necessarily what makes us feel prosperous.

Since 2008, the population has grown by more than 2.5 million and the number of people in work has gone up by 1.1 million. That means that while GDP has returned to its pre-crisis level, GDP per head and GDP per worker are still well below that level, which means that productivity is also down.

Lower productivity is reflected in a fall of about 9% in average earnings since 2008, adjusted for inflation...
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Sun Jul 27, 2014 6:18 pm » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

Pixel8r » Fri Jul 25, 2014 3:53 pm wrote:Just imagine how rosy the growth figures are going to look when it gets to re-election time with an additional 5% added in September!

Drugs and prostitution add £10bn to UK economy

Prostitutes and drug dealers are set to give Britain a £10bn boost as the country revamps the way it measures its economy. Britain said on Thursday it would include prostitution and illegal drugs in its official national accounts for the first time. The move is one of the changes planned for September that will add up to 5 per cent to the UK’s gross domestic product.

Just doing a double take on this, the changes due to be made to the way GDP is calculated from September is due to add up to 5% to UK GDP.

Judging by the forecasts by the OBR you can see why they need to be changing the way things are calculated, otherwise they won't be able to crow about the recovery. If you minus the 5% due to be added things are looking extremely depression like again.

Budget 2014: Growth forecasts raised for 2014 and 2015

Image

Official forecasts for UK economic growth have been raised for the next two years but cut for later years.

The predictions from the Office for Budget Responsibility (OBR) show that gross domestic product (GDP) is expected to rise by 2.7% in 2014, up from a forecast of 2.4% in December.

The growth forecast for 2015 has been raised from 2.2% to 2.3% and 2016 has been left unchanged at 2.6%.

The 2017 rate fell from 2.7% to 2.6%. The 2018 rate fell from 2.7% to 2.5%.
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Re: UK GDP above pre crisis levels

Postby Pixel8r » Tue Aug 05, 2014 9:20 am » Safari 7.0.5 Safari 7.0.5  Mac OS X Mac OS X  Screen Resolution: 1920 x 1200 1920 x 1200

Britain has taken longer to recover from recession than at any time since the South Sea Bubble

The Coalition’s triumphalism over restoring output to its starting level is totally misplaced

DAVID BLANCHFLOWER

I have to admit I was wrong in claiming that the recovery that has occurred under the Coalition is the slowest and worst in one hundred years. I should have said worst in 314 years. I severely understated how bad things have actually been. The editor of The Spectator, Fraser Nelson, pointed out to me that I hadn’t studied historical precedent adequately and was severely understating how bad the recession really has been.

It is without historical precedent. Fraser pointed me to a series published by the Bank of England which provides data on real GDP back to 1700, and guess what? He was right. It is now clear that George Osborne is responsible for the worst recovery in three hundred years of recorded history. Celebrate? I don’t think so...
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