ORIGINAL FRENCH ARTICLE: http://www.humanite.fr/monde/grace-...
Translated Tuesday 31 July 2012, by Derek Hansonand reviewed by
The United Kingdom has officially entered into recession but, luckily for David Cameron and his liberal-conservative government, the bad news announced on Wednesday evening has been masked by the excitement related to the opening of the Olympic Games in London this Friday.
According to the figures published by the Office for National Statistics (ONS), Great Britain’s gross domestic product (GDP) fell by 0.7% in the last quarter after a decline of 0.3% in the first three months of the year, with economists having predicted on average a decline of 0.2%. These figures are confirmation that the country has experienced three consecutive quarters of contraction, therefore entering into its second recession in four years at the end of 2011.
These statistics should have at least embarrassed David Cameron’s government, which has focused everything on its ultraliberal austerity policy. The ONS had in fact pointed out that economic activity of the country is now 0.3% less than it was in the second quarter of 2010, during which time the current government of conservatives and liberal democrats took office. But the British prime minister is making the most of the end of the parliamentary session, the opening of the Olympic Games and the hype surrounding the event.
It looks as though the break will be a short one. It’s not even certain anymore that the Olympic Games will boost a return to growth in the third quarter, so the outlook for Great Britain is gloomy. Last week, the International Monetary Fund (IMF) significantly reduced its expected GDP growth for Great Britain, more so than that of other developed economies, and also informed the Bank of England and the government that they should reconsider their approach if the economy doesn’t recover between now and the beginning of next year.