Is ‘dire’ recession ‘until 2023’ warning really to be taken seriously or is there Tory doubletalk on the way?

Rishi Sunak: the Chancellor would love to be able to claim, just before Christmas, that the UK had bucked naysaying predictions.

We learned last week that the UK has gone into its deepest-ever recession, with Gross Domestic Product plunging by 20 per cent in the last three months alone.

Now an economist is warning that the Johnson government’s dire handling of the Covid-19 crisis means the recession will probably last until 2023, with serious consequences for the well-being of everybody in the UK.

But will it really?

I’ve heard these predictions before, and they are very handy for a struggling government.

Suppose the economy doesn’t stay in recession – or at least, that it doesn’t continue backpedalling for the three years predicted?

What do you think the Tories would do? I’ll tell you.

They’d come trumpeting their huge success in beating back the economic forces of recession, asserting that the recovery proves their Covid-19 policies were right, no matter how many people got killed!

And with more shops and businesses re-opening all the time, it seems clear that there will be a bounce-back straight away – meaning that the recession is likely to be over (in statistical terms) now, although the figures won’t be available until November.

And, of course, anybody hard-hit by that recession is unlikely to feel the benefit of that recovery; it will be for the fatcats, as is usual under a Tory administration.

Still: a good-news package that Johnson can sell to a desperate public right before Christmas – jolly hockey sticks for the Tories, what?

Source: Dire warning UK faces recession until 2023 and will fall behind US and Europe – Mirror Online

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4 thoughts on “Is ‘dire’ recession ‘until 2023’ warning really to be taken seriously or is there Tory doubletalk on the way?

  1. Grey Swans

    Dear Vox Political (not duplicate but edited version)
    It is not the Tories saying this worst recession in 300 years will still be rolling along beyond 2024, and not just til 2023, but many economists.

    Too many businesses have gone bust and will go bust, and millions more will go out of work, as furlough ends.

    The Tories cannot envisage nationalising industries permanently and so employing the millions out of work from private firms gone bust.

    Nor would the Tories fully make public the NHS, grant free tuition to nurses, end the healthcare assistant system by ward base training nurses, and fully staff the NHS by a full pay rise equal to the high pay rises that MPs got over this last decade.

    Even councils are shedding jobs due to the costs of the pandemic.

    The Tories, Starmer’s Labour nor Lib Dems cannot envisage:

    – lowering state pension age to 60 for men and women immediately, paying full state pension money,
    – lowering works pension age for manual jobs to 50, and
    – reverting early works pension to 50 for the rest of workers.

    We will need the socialism of a Clement Attlee post world war 2, type of government to climb out of recession.

    We know the man Chris Williamson, the former Labour MP purged out of the party for being Corbynite, so help him turn his new socialist movement into a party.

    As Grey Swans (1950s born pension campaigner, now campaigning for all pensioners old and new, and future) I tried to campaign for Jeremy Corbyn’s pension policies of pension age 60 men and women and a decent living state pension, and Chris Williamson agrees with those and other Grey Swans socialist pension policies.

  2. rotzeichen

    The first thing to say is that we have been bouncing along the bottom of a depression for decades now. The reason’s are quite simple, Thatcher dismantled our manufacturing base, so instead of exporting to the rest of the world as Germany does, we import other countries finished goods.

    The only way out of that is to start manufacturing and rebuild our economy, that won’t happen under market fundamentalism, because we compete with countries like China, and our economy has a very small population. So the only way to overcome that is through government intervention – why is that not happening? Neo-Liberalism and corporate power.

    The new paradigm was being mapped out under Jeremy Corbyn’s leadership, that is what we have to return to and understand with climate change things just can’t be the same as before, but a planned sustainable economy whilst ditching market economics that is a fantasy world.

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