It's Half Past Double Dip Recession O'Clock

Posted by Nogger - a legend in his own mind at 09:36 | Categorized as

25/01/11 -- The pound fell sharply in early trade following the shock news that UK GDP fell 0.5% in the last quarter of 2010, contrary to expectations of an increase by a similar amount.

It's all the weather's fault. The sudden arrival of heavy snow and sub-zero temperatures is largely to blame, how very British.

"This really isn't our fault. We inherited a lot of snow and ice from the previous reckless Labour administration," said David Cameron. Probably.

Prices rising and growth falling, what does the Bank of England do now? Fire up the Thomas Caxton and order more ink?

The pound dropped below 1.58 against the dollar shortly after the news and fell to not much more than 1.16 against a suddenly popular euro.