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Phew, UK dodges technical recession

Gideon’s household budget analogy, despite being complete rubbish, continues to pay dividends.

Amazing, really.
 
Ok lets have a good socialist example, Venezuela anyone ?

Buoyed by a strong oil sector in the 1960s and 1970s, Venezuela's governments were able to maintain social harmony by spending fairly large amounts on public programs including health care, education, transport and food subsidies. Literacy and welfare programs benefited tremendously from these conditions.[39] Because of the oil wealth, Venezuelan workers "enjoyed the highest wages in Latin America".[40] This situation was reversed when oil prices collapsed during the 1980s.

overreliance on oil prices and a fractured political system without parties agreeing on policies caused many of the problems.

That sounds familiar.

According to the misery index in 2013, Venezuela ranked as the top spot globally with the highest misery index score.

https://en.wikipedia.org/wiki/Economy_of_Venezuela

Jezza is was a big fan of their model is he not ?

Or just the boom and bust economies employed in the UK during the 1970's/80's.

Oh what fun we had.
 
A 'technical recession' is just a recession. The 'technical' adds nothing informative. It's just an attempt to minimise, usually employed by a government in the early stages of experiencing one.

So, we've dodged the bullet this time. As the last recession started in 2008, we are about due for one based upon recent history, so we'll be lucky if we don't get another soon. On the positive side, it's unlikely to be as bad as in 2008/9, as that was the worst since the 1930s.

https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom
 


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