UK Recession is Deeper. -0.7 GDP

The GDP figures for second quarter are in and well it's bad to put it simply.

Britain's economic output collapsed by 0.7% in the second quarter of 2012 as the country's double-dip recession extended into a third quarter.

Across-the-board weakness in manufacturing and construction coupled with the loss of output caused by the extra bank holiday to mark the Queen's diamond jubilee were responsible for the setback, according to data from the Office for National Statistics.

Analysts in the City had expected a 0.2% drop of just in gross domestic product in the three months to June and were stunned by the scale of the fall in activity.

The decline followed the 0.3% fall in the first three months of 2012 and a 0.4% decline in the final quarter of 2011Labour were swift to criticise the chancellor. Rachel Reeves, the shadow chief secretary to the Treasury, tweeted that the 0.7% contraction was a "disastrous verdict on George Osborne's failed plan".

Guardian

Zerohedge

I'm just waiting for our beloved goverment to start blaming the...

Bad Weather
Good Weather
Extra Bank Holiday
Queen's diamond jubilee
Europe/Euro
Unions
Pixies/fairys

And many more things that nothing to do with them.

And of course Labour who will also say it's nothing to do with them is already
pointing fingers in that smug way they always do.

Labour were swift to criticise the chancellor. Rachel Reeves, the shadow chief secretary to the Treasury, tweeted that the 0.7% contraction was a "disastrous verdict on George Osborne's failed plan".

But nevermind at least it's a nice day outside

Because Labour had absolutely nothing to do with the melt down we are still seeing, can you believe the gall of the woman or the party. They are the reason we are in the s**t, lax regulation, selling gold at rock bottom, employing people in the public sector when not required. Oh the list just goes on and on , and people would have them back tomorrow, there is no hope in this country