• 25 Apr 2013 at 2:36 PM

No Three-peat For British Recessions

They came so close, so tantalizingly close, to breaking new ground. But at the last moment, the U.K. snatched a kind of very, very small victory from the jaws of (history-making) defeat and avoided qualifying for the technical definition of a triple-dip recession.

They are undoubtedly popping the corks at No. 11 Downing Street, and barring any mention of the latest polling data.

During the first quarter of this year the country recorded an increase of three-tenths of a percent in gross domestic product, compared with the previous three-month period when it contracted by a similar amount, the Office for National Statistics said. Gross domestic product had been broadly flat over the last 18 months, the agency added….

Though the estimates paint a picture of a flat economy, they are slightly better than most analysts expected and will be a relief for the chancellor of the Exchequer, George Osborne.

“Today’s figures are an encouraging sign the economy is healing,” Mr. Osborne said in a statement. “Despite a tough economic backdrop, we are making progress.”

A triple-dip recession would have raised more questions about his austerity policies at a time when bad economic news has been piling up.

Last week, the International Monetary Fund raised doubts about the fast pace of Mr. Osborne’s deficit-reduction strategy and Fitch became the second credit rating agency to downgrade Britain from its prized triple-A status. Employment figures, which had been one of the rare spots of good news for Mr. Osborne, also turned sour, with a jump of 70,000 in joblessness in the three months to the end of February.

Britain Avoids Triple-Dip Recession [NYT]
U.K. Escapes Triple-Dip Recession With Growth of 0.3% [Bloomberg]

14 comments (hidden to protect delicate sensibilities)
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Comments (14)

  1. Posted by Im_a_Dude | April 25, 2013 at 2:59 PM

    where the fuck is Matt?

    can someone please call the precinct to check if he needs to make bail?

  2. Posted by DingALing | April 25, 2013 at 3:09 PM

    If you can't tell the difference between a trader and a traffic cop, you might be in a recession.

  3. Posted by Ridiculous Idea Guy | April 25, 2013 at 3:45 PM

    Maybe he took a road trip to Maryland and is eloping with Rebecca Martinson?

  4. Posted by Guest | April 25, 2013 at 3:49 PM

    They call it a Shazcession in the UK.

  5. Posted by LongSufferingGuest | April 25, 2013 at 4:01 PM

    The Shazar Triple-Dip:

    Not Funny
    Not Clever
    Not Hot

  6. Posted by Sssssss | April 25, 2013 at 4:07 PM

    Three-peat (TM)

    Fixed it for you.

    – Pat Riley

  7. Posted by VonSloneker | April 25, 2013 at 4:14 PM

    His fiancee went to his office at Golman to surprise him for lunch… "The fuck do you mean you don't work there anymore??? So I'm supposed to marry the fucking Perez Hilton of finance???" Roar!! Crushed his balls with her bare hands.

    …and scene

  8. Posted by VonShitfaced | April 25, 2013 at 4:32 PM

    "Golman…and scene"

    Looks like somebody got started drinking early on Thirsty Thursday, not that there's anything wrong with that, of course.

  9. Posted by guest | April 25, 2013 at 4:33 PM

    Gosh, I wonder if it could have anything to do with this thing people sometimes take that starts with a v and ends with an acation? This is a real mystery!

  10. Posted by VonSloneker | April 25, 2013 at 4:58 PM

    Start at lunch on Thursday and don't stop 'til church on Sunday…**hic**

  11. Posted by Im_a_Dude | April 25, 2013 at 5:02 PM

    you're too smart for us Von

  12. Posted by Excited Reader | April 25, 2013 at 5:53 PM

    But Matt's favorite thing to do is make charts and write footnotes, oh, wait, maybe he's working on his magnum opus about how insider trading in the derivatives market based on material non public information gleaned from traveling forward in time and reading SEC press releases is the key to setting reasonable bank capital requirements.

  13. Posted by Yaniv Vaknin | April 25, 2013 at 5:54 PM

    Weather you like it or not, shazar's the new Matt.

  14. Posted by Davey | April 26, 2013 at 9:21 AM

    Georgy Boy looking quite the pillock there..