29 Mar '12, 4pm

A return to recession: three reasons why the UK recovery isn't happening

A return to recession: three reasons why the UK recovery isn't happening

Three reasons why the UK economy isn't recovering By World of Good Tweet And we’re back in recession. Not that most of us would have noticed anything like a preceding recovery: real incomes fell by 1.2 per cent over the last year , the steepest decline since 1977, coming on top of consecutive years of falling living standards. Unemployment, meanwhile, remains the highest for a almost two decades , and is at record levels for the young. This graph puts it in historical perspective (taken from here ). By this point in the Great Depression of the 1930s, Britain was already returning to growth. Not this time. A brief recovery has unquestionably ended. There are three reasons the recovery isn’t happening. The first is George Osborne . Prime contender for hotly-contested title of Worst Chancellor Ever, part-timer Osborne’s slash-and-burn austerity package is the biggest single r...

Full article: http://www.neweconomics.org/blog/2012/03/29/a-return-to-r...

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