The recession is over – now the pain starts

On January 26th figures for the last quarter of 2009 were published showing economic growth of 0.1%. The recession is over. Technically.

Yet the outlook is grim. British government debt is above 12% of GDP, about the same as Greece who’s debt is causing chaos on financial markets. Gordon Brown and Alistair Darling anxiously say that this borrowing binge has been in the cause of fighting the recession by replacing private spending with government spending. The billions paid out to banks were, we are told, necessary to prop up the banking system.

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