UK Recession Worst On Record

You probably didn't need me to tell you that the recession in which we are currently languishing is now officially the worst on record.

Whilst our continental chums like France and Germany have officially already dragged themselves out of the mire, we are still in it, up to our necks.

I almost can't wait to see Alistair Darling's face on the news tonight, eyebrows darting manically about, like two caterpillars engaged in some sort of grotesque erotic mating ritual. Shifting uncomfortably from buttock to buttock whilst trotting out something like "I always said that it was along & rocky road to recovery, so all these figures prove is that I'm absolutely right just like I normally am."

Today's news from the Office for National Statistics shows that the economy has shrunk for six successive quarters. In the case of the most recent Q3 by 0.4%, when the market had been expecting a modest 0.2% increase.

The only thing that surprises me is that the pound isn't down more against the dollar and the euro than it currently is, on the news. It could be that the UK is the only major economy that hasn't seen growth in the most recent quarter.

Those QE printing presses could be getting fired up and ready to roll again next month at this rate.

"Go on, it's only another GBP50 billion, Gordon. I'll pay you back next month when I get my Northern Rock divi."