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Article: COMMENT: Bad times are inevitable in our system.
- Article from:
- Mortgage Strategy
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It unnerves me when I hear people starting to talk about the economic recovery. To me, it just doesn't feel like we're there yet. After all, City pundits were predicting we would be out of recession in the last quarter before shock figures from the Office for National Statistics revealed that the UK is still experiencing its worst recession since the mid-1950s.
Rather than growth the ONS figures highlight a 0.4% fall in gross domestic product in Q3 2009. This is, to quote Liberal Democrat shadow chancellor Vince Cable, a "cold blast of reality".
Quarterly records of GDP date back to 1955 and since then there have never been six consecutive quarters ...