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April 26, 2012

Think Left

Britain has sunk back into recession, its first double-dip downturn since the 1970s.GDP unexpectedly shrank by 0.2% between January and March, following a 0.3% contraction in the fourth quarter of last year, according to the Office for National Statistics. A technical recession is defined as two or more consecutive quarters of economic decline. The figures wrongfooted City economists, who had expected a return to growth of 0.1%.

Double-dip recession a terrible blow for George Osborne

“UK government stands accused of over-cooking austerity and killing off tentative recovery that was under way two years ago.”  Larry Elliott

Richard Murphy of Tax Research blog writes today:

Osborne offered us his vision two year ago.  It was of “expansionary fiscal contraction”.

His argument was that the more he cut government spending the more  people would spend, liberated by knowing that if he succeeded in his aim of balancing the budget tax…

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