Britain’s recession has officially ended—by the narrowest possible statistical margin. The economy grew by just 0.1 percent in the three months to December.
It technically ends 18 months of falling output. Yet overall the British economy has shrunk by 6 percent over this time. This is the worst recession since the Second World War.
Workers have paid a horrible price for the recent “growth”.
Some 2.46 million are unemployed. Many other workers have seen their pay cut or their pension shelved.
More are stuck in part-time, low paid jobs because no others are available.
One million young people are on the scrapheap before they’ve even had a chance to work.
The recession isn’t over for these people. Nor is it over for everyone who will suffer from huge cuts in public services that will have an impact for years to come.
Every indicator points to, at best, a weak “recovery”—with continuing pain for workers.
Temporary measures like the “car scrappage” scheme lie behind some of the economic growth. These measures have either been withdrawn or will be soon.
The other source of growth was government spending, which is set to be sharply reduced.
Bosses plan to carry on squeezing workers. They hope that the good times will return for them.
Our side needs to fight to make sure we don’t pay for the recession—or the “recovery”.