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U.K. Economy Surges, Britain Exits Recession

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Britain exited a double-dip recession in the third quarter with the strongest growth in five years as Olympic ticket sales and a surge in services helped boost the rebound.

Gross domestic product rose 1 percent from the three months through June, the fastest growth since 2007, the Office for National Statistics said in London today. That exceeded the highest estimate in a Bloomberg News survey for growth of 0.8 percent. The median forecast of 33 economists was 0.6 percent. The pound rose after the data were published.

http://www.bloomberg.com/news/2012-10-25/u-k-economy-surges-1-as-britain-exits-double-dip-recession.html

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But surely this is just a blip caused by the unusual circumstance of the Olympics?
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idk what any of this means.

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But surely this is just a blip caused by the unusual circumstance of the Olympics?

Maybe we should hold it yearly instead

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But surely this is just a blip caused by the unusual circumstance of the Olympics?

i guess we'll soon find out, but lets point to other factors besides the Olympics - There are more people in employment than ever before, according to new statistics published today. Unemployment has fallen again and youth unemployment has dropped to its lowest level in a year.

Unemployment fell by 50,000 to 2.53 million (ILO measure). Youth unemployment has fallen below 1 million to 957,000. Of those, the number of 16 to 24 year olds out of education and seeking work is now 658,000, down 61,000 on the quarter. The number of young people claiming Jobseeker’s Allowance also fell by 6,600 in September, to 435,500.

The number of people on Jobseeker’s Allowance fell 4,000 between August and September, to 1.57 million, the third consecutive monthly fall. This is despite reform of eligibility for lone parents benefits and reassessment of people on Incapacity Benefits continuing to add to the JSA caseload over this period. data from Office for National Statistics showed UK industrial output rises most in 25 years British industrial output soared at the fastest pace in 25 years.

fingers crossed it continues. but this is what the Tories do love then or hate them, they come into office after labour have spent all the money. build up the piggy bank, and then eventually lose the following election and labour spend all the money again, then the Tories get in office again have to do all sorts of public cuts, fill the piggy bank back up, get voted out again labour get elected and spend all the money and thats the merry go round were on.

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i guess we'll soon find out, but lets point to other factors besides the Olympics - There are more people in employment than ever before, according to new statistics published today. Unemployment has fallen again and youth unemployment has dropped to its lowest level in a year.

Unemployment fell by 50,000 to 2.53 million (ILO measure). Youth unemployment has fallen below 1 million to 957,000. Of those, the number of 16 to 24 year olds out of education and seeking work is now 658,000, down 61,000 on the quarter. The number of young people claiming Jobseeker’s Allowance also fell by 6,600 in September, to 435,500.

The number of people on Jobseeker’s Allowance fell 4,000 between August and September, to 1.57 million, the third consecutive monthly fall. This is despite reform of eligibility for lone parents benefits and reassessment of people on Incapacity Benefits continuing to add to the JSA caseload over this period. data from Office for National Statistics showed UK industrial output rises most in 25 years British industrial output soared at the fastest pace in 25 years.

fingers crossed it continues. but this is what the Tories do love then or hate them, they come into office after labour have spent all the money. build up the piggy bank, and then eventually lose the following election and labour spend all the money again, then the Tories get in office again have to do all sorts of public cuts, fill the piggy bank back up, get voted out again labour get elected and spend all the money and thats the merry go round were on.

In fairness Steve most of these jobs are low hours low wage temparery jobs where people simply move from job seekers allowance and onto tax credits which costs the country more.

This is a blip and hardly cause to celebrate .

I bet by this time next year we will be in recession again .

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In fairness Steve most of these jobs are low hours low wage temparery jobs where people simply move from job seekers allowance and onto tax credits which costs the country more.

This is a blip and hardly cause to celebrate .

I bet by this time next year we will be in recession again .

you might be right, time will tell. but lets hope the economic recovery continues.

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Well, rejoice at that news.

Does this mean that the pillocks Cameron and Osborne can stop their ridiculous "cuts", then? Who knows, they might even be able to buy back some of the warships and planes that the morons sold off cheap, those that haven't be scrapped already. Anyway, what does it all mean, all this talk about "the Economy"? All it means is that gigantic megacorporations have increased their profits a bit. If anyone believes that that will result in any tangible beneift for the ordinary People they're very naive indeed.

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But surely this is just a blip caused by the unusual circumstance of the Olympics?

The Olympics made up 0.2% of that 1% economic growth, so only a fifth of the growth can be attributed to the Olympics.

This is brilliant news for Britain and probably shows that Osborne's measures are working and now taking effect.

smurf0852, on 25 October 2012 - 11:47 AM, said:

This is a blip and hardly cause to celebrate .

I bet by this time next year we will be in recession again .

I'm glad to say that you are going to be disappointed. If that was the case it would be a triple-dip recession - something which has never happened to the British economy before.

Britain's economy is predicted to grow in 2013 and 2014.

Meanwhile, it is predicted that France and Germany are about to go into recession and so it is predicted that Britain will be the only major EU economy to grow in 2013 and 2014.

Edited by TheLastLazyGun
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The Olympics made up 0.2% of that 1% economic growth, so only a fifth of the growth can be attributed to the Olympics.

This is brilliant news for Britain and probably shows that Osborne's measures are working and now taking effect.

I'm glad to say that you are going to be disappointed. If that was the case it would be a triple-dip recession - something which has never happened to the British economy before.

Britain's economy is predicted to grow in 2013 and 2014.

Meanwhile, it is predicted that France and Germany are about to go into recession and so it is predicted that Britain will be the only major EU economy to grow in 2013 and 2014.

None of the economic fundamentals have been addressed and the banking sector has not been reformed in any meaningful way - so i predict that this will be the first triple dip recession - thanks to the olympics :tu:

Br Cornelius

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None of the economic fundamentals have been addressed and the banking sector has not been reformed in any meaningful way - so i predict that this will be the first triple dip recession - thanks to the olympics :tu:

Br Cornelius

Man you have a way to rain on their parade :devil:

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In fairness Steve most of these jobs are low hours low wage temparery jobs

I'm rubbing my eyes in disbelief - I actually agree with something you've said lol

I suspect that as they are part-time jobs not as many will be lost over the next few months as things settle back down. When they spend and put their wages back into the economy it will cause a little bit of growth. Hopefully it will start up some demand but it depends on the EU or US doing anything to worsen the situation.

Its time the policians listened to all those economists who admire Hitler for his economic miracle. Hitler may have killed a lot of people, he may have devastated much of Europe but his economics were brilliant. It may come as a shock for some but the grand daddy of modern macroeconomics John Keynes worshipped Hitlers economic policies as pure genius.

The unions wouldnt like it though!

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Hitler always had a soft spot for a bit of Slave Labour, after all it worked for the Romans :whistle:

Br Cornelius

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Hitler always had a soft spot for a bit of Slave Labour, after all it worked for the Romans :whistle:

Br Cornelius

OMG, are you ok? I must admit I am ashamed about how the British empire treated some nations and has been rightfully pressured into dissolving the empire. Surely we must forgive and forget as these things are way in the past. If not, how can anyone forgive Germany (which we have) for the atrocities during WW2? I don't see them taking the stick the UK does. The UK is just an Island these days, not an empire like Hitler tried to create. He failed and the UK empire is gone.

As with the Olympics I thought are services such as tourism and service saw a decline during the Oylmpics. Hotels had empty rooms, which had a knock on effect.

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None of the economic fundamentals have been addressed and the banking sector has not been reformed in any meaningful way - so i predict that this will be the first triple dip recession - thanks to the olympics :tu:

Br Cornelius

money is what makes the world go around, that is the reality of the situation, you can regulate to high heaven, truth is no matter whats in place the world will face another economic crisis.

The Olympics made up 0.2% of that 1% economic growth, so only a fifth of the growth can be attributed to the Olympics.

This is brilliant news for Britain and probably shows that Osborne's measures are working and now taking effect.

I'm glad to say that you are going to be disappointed. If that was the case it would be a triple-dip recession - something which has never happened to the British economy before.

Britain's economy is predicted to grow in 2013 and 2014.

Meanwhile, it is predicted that France and Germany are about to go into recession and so it is predicted that Britain will be the only major EU economy to grow in 2013 and 2014.

The spanner in the works is the EU the world is in growth, The US shows growth the UK shows growth yet the EU is slipping in the wrong direction all the figures coming out of europe are worrying. Spain is going to need a bail out, 25% unemployment. 16-24, the jobless rate was flat at about 52%. Greece cannot meet its obligations for the bailout money so have asked for more time. two years to be exact. German Finance Minister Wolfgang Schäuble as said there is worse to come. France and Germany are at odds, the Eurozone is more likely to collapse than survive. Its a good job one of the first jobs the tories done when coming to office was to reduce the UK exposure to the EU. The UK needs to take advantage of this unique situation, we should allow the EU members / Euro members continue to drag themselves into the mire. fatally damaging those involved.

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Good news for Britain .

Edited by Beckys_Mom

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the Eurozone is more likely to collapse than survive.

Too bad you couldn't refrain yourself from bringing this topic up again.

It's like saying "California is doing worse than New York so now the USA is going to collapse and every state is getting their own currency."

It aint happening.

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What I find I hilarious is that we could have had far more money from the Olympics put back into our system IF we employed British people for all the jobs (Most of the workforce on the Olympics was foreign, they even had a huge area for them to stay) so they where taxed properly and if the people who run the Olympics didn't take all their earning tax free. (they live in Switzerland and made millions from the Olympics.... Tax free)

It's disgusting how much money the UK lost out on the Olympics due to these factors and a few more.

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Too bad you couldn't refrain yourself from bringing this topic up again.

It's like saying "California is doing worse than New York so now the USA is going to collapse and every state is getting their own currency."

It aint happening.

No its not, the eurozone is in real trouble, the PIIGS are in **** street. Spain asked for bailout money for the banks, they're falling further into the abyss, with 25% unemployment. jesus, and within six months they'll have to ask for a bailout for the economy. meanwhile the world is in growth but the eurozone isnt. the whole thing is threatening to bring us down.

The headline today.

BRITAIN'S ECONOMY TOO GOOD FOR EU

BRITAIN now has the financial firepower to quit the EU straight away and go it alone, experts declared last night. the recent growth was the fastest in world. as the UK is leaving recession the EU is entering it. Its predicted we will continue to outstrip the rest of Europe until at least 2015. as commissioner Karel De Gucht conceded on Tuesday the UK would not be plunged into poverty by quitting the EU.

meanwhile economic woes deepen and widen across europe with EU members making cuts to national budgets, in the instance of Portugal, Ireland, Italy, Greece, Spain, enforced by their EU pay masters. the glorious leaders in the EU on Thursday have voted to increase the EU budget by 6.8% next year. while the people of Europe face cuts in every sense of the word EU contributions will go up, affecting every man woman and child. The EU just dont get it. but fear not - The United Kingdom will have to step in and save europe from themselves yet again by using our veto.

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