I think it's much of muchness tbh. We're all already in recession as our pay isn't keeping up with inflation. This is pure fudging of the numbers.
this post was submitted on 07 Sep 2023
0 points (50.0% liked)
UK Politics
2860 readers
826 users here now
General Discussion for politics in the UK.
Please don't post to both [email protected] and [email protected] .
Pick the most appropriate, and put it there.
Posts should be related to UK-centric politics, and should be either a link to a reputable news source for news, or a text post on this community.
Opinion pieces are also allowed, provided they are not misleading/misrepresented/drivel, and have proper sources.
If you think "reputable news source" needs some definition, by all means start a meta thread. (These things should be publicly discussed)
Posts should be manually submitted, not by bot. Link titles should not be editorialised.
Disappointing comments will generally be left to fester in ratio, outright horrible comments will be removed.
Message the mods if you feel something really should be removed, or if a user seems to have a pattern of awful comments.
[email protected] appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
founded 1 year ago
MODERATORS
That's not how recessions work
It's a significant symptom.
It's really not, inflation and recessions are two very different things in economics
A recession is a downturn in business activity
Inflation is price rises due to too much money chasing too few goods or restrictions in supply causing demand to exceed causing scarcity.
https://www.which.co.uk/news/article/what-would-a-recession-mean-for-your-money-aRril9c11zDK
"Rising costs will see businesses and consumers trying to save money. For employers, this could mean forgoing pay rises, leaving workers with lower real-terms paycheques to cover spiralling energy bills and inflated grocery prices."
Did you even read your link
A recession is two quarters (six months in total) of negative GDP growth. We last saw this happen at the start of the pandemic, when the UK experienced a six-month recession during the first half of 2020
Yes, and my point is that the growth being reported isn't representative of reality.
I don't understand what you mean
Economic statistics are literally representative of reality.
Sure, if you change the meaning of words then yes.... we're in a recession 🤷.
I was told this couldn't happen? What's gives?
Where were you told the EU could never go into recession?
A lot in the EU block had to change how their energy is supplied. Converting to use LNG over piped gas has incurred huge costs. The UK's gas supply is largely unchanged. Germany, The Netherlands and Poland are also affected by Ukraine to a greater extent. Germany and The Netherlands have also been impacted in much the same light as the UK with Brexit. No country is infallible when it comes to recessions.
I was told that the UK will always be behind the EU in every way and that if I questioned that I would be called stupid. 🤷
That really does not answer the question regarding being told that the EU could not go into recession, does it?
But whatever, since it looks like Brexit BS, we were also told £350m per week for the NHS, and yet they increase NI to fund the NHS. I am yet to see that increase be handed over though so that is a twofer straight off the bat. We were told that we would be better off outside the EU. Try a price comparison between Amazon anywhere in the EU and see how that same item costs in the UK. It is more expensive to trade with the EU than it is for the EU to trade with the UK. We do not play on a level field anymore. We were told there would be no depreciation in workers rights V's the EU, and in a single phrase "P&O did not dismiss any EU workers while removing all low paid workers UK workers". I could go on for a long time with this.
People who can provide evidence are a lot more credible. Joe bloggs has done many Videos on the EU. The EU knew it was in for a rough ride just on the gas issue alone. Comparing the UK to the EU is an ignorant viewpoint to take. As I have already said Brexit was not just the UK loosing out. It was also a massive problem for the EU. We suffered more because Johnson egregiously refused to prepare, while at the same time demanding the most severe conditions possible.
Ireland's bullshit GDP numbers got downgraded, because Apple transferring Intellectual Property isn't really GDP, and the ONS revised their UK numbers up adding 2% to UK GDP making it the 3rd fastest post pandemic recovery rather than the worst in the G7, which is now Germany
Something something schadenfreude...