First there was the insane decision to cancel a loan to Sheffield Forgemasters (deferring it may have been justified, cancelling was not), then another to favour Siemens over a British consortium for the Thameslink trains contract; now comes news of 3,000 job cuts in aerospace engineering at BAE Systems, the defence contractor.
The UK economy is supposed to be moving away from debt-fuelled consumption to export led growth, a formula for recovery virtually all economists and politicians agree is the only way to rebuild. Most of the news however seems to be a grim mix of retrenchment and continued deindustrialisation, a process which has been going on sinceMargaret Thatcher’s destruction of the traditional industries in the 1980s
True enough, immediately after the Great Contraction of 2008 industrial production appeared to recover quite swiftly. With the pound once more trading at levels low enough to give British factories a competitive edge, there was even talk of …
Read full post: Zombie Economy
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War On The High Street Is Just A Skirmish In The War On Our Way Of Life
Before Ian abandoned this blog to set up The Daily Stirrer Little Nicky Machiavelli blogged many times on the instability of the British, European and Global economies. Well with his new friends at the Stirrer Little Nicky’s former alter ego has kept up that fine tradition of spelling out the unpleasant truths.
Read The Perfect Economic Storm which covers events of the past few days and provides an extensive roundup of posts from The Daily Stirrer and other new media warning of exactly what has happened over the course of the global financial crisis.
All the time the increaingly pathetic mainstream media were parroting the message of politicians and bureaucrats who were talking up the illusory economic recovery.
Off out for the rest of the day now so no time to answer comments over on Boggart Blog or post on this very important economic news. You can read what my Daily Stirrer colleague John De Roe has to say about the “recovery” at The Economy Grows – Sort Of.