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Double whammy of bad news wings its way to the Chancellor

Monday, April 22, 2013 5:32
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(Before It's News)

Fears grow that ONS data will show Britain in the dreaded grip of a triple-dip recession

George Osborne faces a potential double whammy of dire news this week that would further ratchet up the pressure on the Chancellor to change his economic course.

The Office for National Statistics will release its estimate of the GDP growth figures for the first quarter of last year, which could show that the UK has slipped into an unprecedented triple-dip recession. The ONS is also due to release the public borrowing figures for the final month of the 2012-13 financial year, with analysts warning of the possibility it could show the annual budget deficit is rising, rather than falling. City analysts expect the March public finances figures, released on Tuesday, to show government borrowing of around £15bn in the month.

This would leave the total deficit for 2012-13 (stripping out all the various distortions such as transfer of interest payments from the Bank of England) at £117bn, around £4bn lower than the £121bn borrowed in 2011-12.

[More...]

Bill Bard says:

Let’s face it, the UK is BROKE.

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http://philosophers-stone.co.uk



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