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Bank downgrades growth forecast

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posted on Feb, 16 2011 @ 08:11 AM

Bank downgrades growth forecast

The Bank of England has downgraded its growth forecast for the UK and braced households for an interest rate hike as early as the spring.

The Bank said in its latest forecast that growth in 2011 will be weaker than previously estimated but reassured that a double-dip recession was unlikely as growth is set to resume following the shock contraction at the end of 2010.

(visit the link for the full news article)

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posted on Feb, 16 2011 @ 08:11 AM
We're going nowhere, fast.

I'm sure we are all watching the news and these reports with great interest right now.. What with all the protests that are going on, and with those upcoming, something is very wrong and many people are now waking up and stepping forwards.

this bit of news would not be so bad on its own, but it's being backed up (in a manner) by this;

UK unemployment rose by 44,000 to almost 2.5 million in the three months to the end of December, the Office for National Statistics (ONS) has said.

Youth unemployment rose to a fresh record high, with more than one in five 16 to 24-year-olds out of work after a rise of 66,000 to 965,000 without jobs.

The unemployment rate is now 7.9%, with youth unemployment running at 20.5%.

The number of people claiming Jobseeker's Allowance increased by 2,400 last month to 1.46 million.

The number of people in part-time work because they could not find a full-time job rose by 44,000 to 1.19 million, another high since records began in 1992.

Long-term unemployment also deteriorated, with 17,000 more people out of work for more than a year, to a total of 833,000.

Other data from the ONS showed that average earnings rose by 1.8% in the year to December last year, slightly down on the 2.1% growth in the year to November.

I cannot help but recall what was said in the 'zeitgeist; moving forward' video... It now seems to me that we are rapidly approaching the point of no return.. the point where all money becomes void, redundant, unemployed.. Where millions of people just stop using it in protest, withdraw it out of their bank accounts and dump it.

Every day we are starting to hear about companies going into administration. There was a news report showing how many shops lay empty across the UK right now. People being laid off work daily, yet no obvious signs of new work being available.

More people are taking part time jobs. This will allow them to, at the minimum, keep active. It does not and will not allow for personal growth and expansion. It does not allow anyone to save money for a rainy day or eat out, go to the cinema etc.. this is a big negative for the cyclical order of this 'economy'.

I have been saying since January the first, "It's only going to get a lot worse".

We may not make a peaceful protest to our governments to force them to step down due to their 'tyranny'.. but we can make them, and the banks, close down due to lack of faith, their ability to not solve anything and their lack of willing to change things.

money talks, speaks very loudly.. but only to those who control it. Get rid of it and we will all be on a level pegging.. maybe then there will be no poverty or greed.. and we might just save the Earth at the same time..

I don't think I've put so many "further reading" links into an ATS breaking news thread as I have done here.. Things may already be spiraling out of control...
(visit the link for the full news article)
edit on 16-2-2011 by Extralien because: fix ext-txt markers

posted on Feb, 16 2011 @ 08:30 AM
reply to post by Extralien

Very good post.... i was about to post this report from skynews: orecast-Downgraded/Article/201102315932445?lpos=Business_Carousel_Region_2&lid=ARTICLE_15932445_Bank_Of_England_Inflation_Report%3A_Further_Price_Rise s_Likely_And_Economic_Growth_Forecast_Downgraded

I agree with what you are saying in part.... i don't get why everything has to go up???? Isn't this going to make the situation worse?

Ok, so they say it costs more to Import from abroad.... so who is doing this? Is this due to mass population levels? I feel it is... especially in the UK where there are more demands for homes etc...etc..

I see more unemployed.... so.... rising the cost of living will solve this will it?

I really think the people in charge really need to understand that raising the cost of living won't solve any problems... just create more.... .

posted on Feb, 16 2011 @ 08:33 AM
We may find we will all be posting up-to-the-minute reports on the state of the global economy as we did with the recent protest in Egypt...

European Central Bank head Jean-Claude Trichet said Wednesday that food prices could keep rising due to increasing demand from emerging countries and suggested a global effort to raise production in Africa.

Taiwanese authorities plan to inject tens of thousands of rice into the market next month in a bid to stabilise domestic prices, officials said Wednesday.

Spain's economy underperformed the euro zone average in 2010 for the first time since joint data began in 1996 and is likely to stay weak through 2011, stuck with the legacy of a construction boom that went bust.

Yahoo seems to be currently acting in the same fashion as twitter.. updates every few minutes.. new financial news rolling in from everywhere.. Are we seeing a 'panic' along the purple carpeted corridors of power?

posted on Feb, 16 2011 @ 08:33 AM
At least the UK is not hiding the economic problem, here in the US we are been bombarded with economic recovery even when unemployment with all the sugar coated numbers is still at a record high, even service jobs that used to be the leading employment in the nation has taken a hit.

But now we are to be getting a hike of prices all over from food, gas, energy and clothing.

Many nations are taking to the streets, I wonder when the mighty Americans will follow. . .

posted on Feb, 16 2011 @ 08:41 AM
reply to post by marg6043

The UK may not be hiding the problem but it is sure as hell trying to make the point that something very wrong is happening..

Banking group Barclays has reported pre-tax profits of £6.07bn for the full-year 2010, slightly higher than analysts were expecting.

The world's biggest mining firm BHP Billiton has made record half-year profits thanks to strong demand and high prices. Net profit jumped 72% to $10.52bn (£6.5bn) in the six months to the end of December, BHP said.

Somebody is making a profit whilst everyone else gets the bottom drawer.
Profits in one corner, poverty in the other.. the two have got to clash at some point.. Tip a see-saw one way to much and it'll bottom out.

This posted 8 minutes ago..

Prices are set to rise sharply in coming months and inflation could even top 6% in the short-term, the Bank of England has warned.
edit on 16-2-2011 by Extralien because: to add updated news..

posted on Feb, 16 2011 @ 08:48 AM
Exactly nobody is doing profits in the UK, but here in the US banks are claiming record profits as propaganda, this is a strategy that the government uses to brainwash the tax payer into believing anything, right now the new tax codes are hitting the people in the faces, the so call Bush no taxes has been sugar coated to add a new range of hidden taxes even making people pay interest for the so call economic recovery.

To our amazement even my husband retirement check has been targeted with added tax withholdings starting this year.

But is OK, because our government said the economy is recovering.

posted on Feb, 16 2011 @ 08:53 AM
reply to post by TruthxIsxInxThexMist

We will all be seeing more unemployed..
This bit of news just in too...

US bookstore chain Borders announced Wednesday that it has filed for bankruptcy protection from its creditors so that it can reorganize and re-emerge as "a stronger and more vibrant book seller."

"It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company's lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term," Borders president Mike Edwards said in a statement.

This is partly down to nobody willing to spend due to the news we are seeing, the weather and online publications and hardware such as the ipad.. slide all that along the 'save the trees' groups and you've got a massive loss of book sales..

I love books, but i'm just at home with reading things from a monitor too..

posted on Feb, 16 2011 @ 08:55 AM
Seems we are still stuck on the negative spiral downwards... the rate hike is a rather worrying one when I really think it'll have no impact on the rate of inflation.

Something has to give.. and I do wonder what it'll be...

posted on Feb, 16 2011 @ 09:21 AM
20.5% NEET (not in education, employment, or training) is pretty shocking, I'm one of those young unemployed individuals now- there really is very little out there. The forces was a route that was typically viewed as being a viable means of getting training, and forging a career. I am on the waiting list to join the RAF, but with the cuts, clearly the chances of that happening are getting smaller and smaller. The public sector cuts in general are only going to increase this problem, particularly for the youth- obviously these experienced individuals, who are made redundant, are going to get pushed straight to the front of the queue, for whatever limited opportunities there are available. Don't be surprised, if the next time you go into Burger King, you're served by a 40 year old father of 3.

Another worrying trend is the increase in apprenticeships. William Hague recently announced that he wanted to introduce another 100,000 placements, over the next few years. On the surface, this doesn't sound like a bad thing. However, the minimum wage for an apprenticeship is £2.50, and it is often used as an excuse for cheap labour. Some of the roles are ridiculous- they aren't skilled jobs at all. For example, I was looking on the website the other day, and there was even one for Mcdonalds..less than £100 a week to work full-time in mcdonalds- why does that require years of specially funded government training? Clearly just an excuse. Additionally, there is often no actual full paying role available at the end of the training, and it isn't rare for companies to "sack" apprentices midway through the scheme, so there's not even a guarantee of any qualification, at the end.

...And then there's the bankers, who get billions in bonuses, annually, even though they are one of the prime reasons we're in this mess in the first place...and the MP's who fiddle their expenses claims (why do they have to claim expenses in the first place, when they all earn £50k+?), who are supposed to lead us to salvation..or Philip Green, who has avoided billions in tax, yet is knighted, and is instated as a government waste reduction guru. Having said that, I suppose there's no one who'd be better suited to the job, than a serial, expert tax avoider
What a world we live in.

posted on Feb, 16 2011 @ 09:27 AM
Same in Germany...Part-Time Jobs,400€ Jobs,1€ Jobs and alot other BS which is getting more and more common, and those who dont get payed enough get unemployed Benefits (without them beeing in the List...) just to survive...Neat huh?

And our Politicans argue about a 5€ rise for the Unemployed for over 2 Months now...Yeah,its not like Food,Energy and everything else is gonna cost more soon...#ing Retards

posted on Feb, 16 2011 @ 09:32 AM
reply to post by Shenon

As soon as the US starts to hike food prices, oil and gas along with clothing other nations will follow sue, but remember what is happening in Egypt, the people took it to the streets.

posted on Feb, 16 2011 @ 09:38 AM

Originally posted by marg6043
reply to post by Shenon

As soon as the US starts to hike food prices, oil and gas along with clothing other nations will follow sue, but remember what is happening in Egypt, the people took it to the streets.

Yes,i know. I´m already stocking up Food and other things. Because the Prices will affect us sooner or later.

posted on Feb, 16 2011 @ 10:37 AM
reply to post by Shenon

This is something that kinda amazes me..

They want you to stock up.. so they can create more stock for you to buy.. to perpetuate the cyclical system.

I see many offers in the shops right now.. buy one get one free types of deals.. I heard they do this due to them having excess stock and need to shift it. It's not about giving the shopper a discount.. it's about profits.

If you've not seen this, then I deeply suggest you check this out;

If you stock up, this reduces the amount available for others.. so they then can say there is a shortage. what they don't say is that people are stocking up so much that they can't keep up with demand.. but at this time we are seeing many people not spending.. so it's almost a double crisis that are both faked.

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