Since I am in Grand Cayman, a British Overseas Territory, I thought it only appropriate to note that its now official: the UK joins the US in the ranks of formally being in an announced — and pronounced — recession.
The British economy contracted 1.8% for the 2008 calendar year. For the first time since 1991, the country has felt 2 consecutive quarters of negative GDP: Q3 fell 0.3%, while the miserable 4th Q fell 1.5% — the worst quarter since 1980.
Both services and industrial production saw the largest declines since the 1970s.
I wonder if anyone in the UK wrote an editorial last month proclaiming how wonderful the British economy was . . . probably not. The Brits are known for having a stiff upper lip, and are neither delusional nor incompetent, with have always had a solid streak of realism.
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