Recession

[ukanonymous]

Sorry but what does it actually mean that we are not in a recession anymore? Are we all suddenly rich with no money cares in the world?

[ukanonymous]

Because I am as broke as they come.

[Hopkirk]

That's right. Everything's rosy now.

[jim360]

We not "technically" in a recession any more, no. What that means in real terms is not clear. But in answer to your second question: we are still "rich" as before the recession we as a country were fairly well off, high GDP per person; but our "money cares" are far from over.

[factor-fiction]

There was growth- of 0.3%- so it's not going to make much difference to your wealth but it's a sign things are moving in the right direction.

[Graham-W]

The economy has not gone into negative growth for a third time. That would be a triple dip recession.
For the first three months of this year, production has gone up by...............wait for it...................................0.3%. Cheers all round.
That'll will soon make a dent in the £900,000,000,000 (nine hundred billion) of debts the UK has.

[Graham-W]

Sorry. More up to date figures. £1,347.4 billion of debts.

[mikey4444]

We have millions of people either unemployed or paid such low wages that they qualify for extra help from the Government. I expect it means less than bugger all to those people if we are in a recession or not.

[mosesg]

We were never really in the recession up here in the North East of Scotland anyway, so probably won't notice any difference.

[New Judge]

Not being “in recession” no more means “…we all suddenly rich with no money cares in the world” than being in recession means we are all potless, destitute and starving in the gutters.

As has been explained the term “recession” is a term to describe the situation when the nation’s Gross Domestic Product (GDP) has shrunk in two successive quarters. It does not really relate to personal wealth but has a profound effect on the government’s policies because they generally rely on a growing economy to increase their tax revenues. When the GDP shrinks the government panics because it realises that it will have slightly less of other people’s money to waste (sorry, “invest”). They then either cut spending, increase taxes or both and this has an effect of the wealth of individuals.

What governments need to do is to find a way to conduct their affairs without relying on constant economic growth and an ever growing amount of revenue to spend. It is quite obvious that the economy cannot grow forever and the sooner ways are found to operate government with less money the more well off we will all be.