Since I am in Grand Cayman, a British Overseas Territory, I thought it only appropriate to note that its now official: the UK joins the US in the ranks of formally being in an announced — and pronounced — recession.
The British economy contracted 1.8% for the 2008 calendar year. For the first time since 1991, the country has felt 2 consecutive quarters of negative GDP: Q3 fell 0.3%, while the miserable 4th Q fell 1.5% — the worst quarter since 1980.
Both services and industrial production saw the largest declines since the 1970s.
I wonder if anyone in the UK wrote an editorial last month proclaiming how wonderful the British economy was . . . probably not. The Brits are known for having a stiff upper lip, and are neither delusional nor incompetent, with have always had a solid streak of realism.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.