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Meanwhile: Russia’s Budget Surplus More Than Quadrupled in November, Energy Profits Booming Spectacularly
Remember when they said the sanctions would collapse the Russian economy?
It turns out they were right – they just meant to say “British” instead of “Russian.”
Britain’s economy contracted more than first thought in the third quarter of this year, putting it bottom among the Group of Seven major advanced nations ahead of what is shaping up to be a dismal 2023, data showed on Thursday.
Economic output fell by 0.3% in quarterly terms compared with a previous estimate of -0.2%, the Office for National Statistics said.
The ONS said the data put Britain bottom in the G7 in terms of quarterly growth, though the readings were skewed a little to the downside by the one-off bank holiday for Queen Elizabeth’s funeral.
Business investment fell by 2.5% in quarterly terms, compared with a previous first estimate of a 0.5% drop.
“Looking ahead, the UK likely will continue to underperform. We expect Britain to suffer the deepest recession among major advanced economies in 2023, due to the severity of the headwinds from both monetary and fiscal policy,” said economist Gabriella Dickens from Pantheon Macroeconomics.
…
The vast majority of economists polled by Reuters expect the economy will contract again in the current quarter, which in the eyes of some analysts defines a recession.
I remember when the “conservatives” were promoting a war with Russia and they were claiming that the energy prices had nothing to do with the sanctions and were in fact related to Joe Biden shutting down the Keystone XL pipeline.
Do you remember when they were saying that?
I was saying at the time – “is Joe Biden the president of Europe?”
It turns out he is the president of Europe, actually. He makes all their decisions for them.
But that’s not the point.
How can people afford to pay their energy bills? Grant Shapps gives us some handy tips – draught excluders, turn the boiler down and switch the microwave off at the socket.
Alternatively, get a job that pays £12,637 a month like Grant has. pic.twitter.com/HNuZfqy9Dl
— Saul Staniforth (@SaulStaniforth) December 17, 2022
So let me get this straight: Tory Billionaire wealth expands by 20% since the pandemic while millions of people are freezing from oppressive energy bills and NHS staff are visiting food banks?! Something is ROTTEN in the state of England.#WealthTax https://t.co/nS3AKxGY0R
— Dr Andrew Meyerson (@andrewmeyerson) December 19, 2022
