OECD warning of sharper slowdown

[Barman]

The Organisation for Economic Co-operation and Development (OECD) has warned that the global economic slowdown may last longer than expected.

It added that the UK economy was headed for a significant downturn that put government spending plans in danger.

The OECD said UK growth would slow to 1.8% this year, and to 1.4% in 2009.

Source

Did anybody hear the guy from the OECD interviewed on the radio yesterday?

I notice the BBC has a watered down version of the story hidden away on their web site with ‘Brown meets police on knife crime’ as the lead.

The guy basically said that the UK would be in a worse state than most because of poor economic management over the past ten years.

When asked if that was because the government didn’t save in the good times he answered ‘yes’.

When asked if the conservatives were right in their claims of financial miss-management by the government he answered ‘yes’.

Amazing how the BBC have failed to report it…

[Barman]

A more accurate version of what was said in the Torygraph…

The economy faces one of the sharpest slowdowns in the world, the Organisation for Economic Co-operation and Development (OECD) found.

In an unusually explicit rebuke, the report blamed the Government – and by implication Gordon Brown – for borrowing and spending too much in recent years.

This “excessively loose fiscal policy” left little, if any, room to cut taxes and save the economy from a deep decline, it stated.

Source

[Snoopy]

 

[Uncle Mort]

Amazing how the BBC have failed to report it…

But your BBC source does appear to report it.

And in some countries - notably the US and the UK - the lack of fiscal discipline means that there is little scope for increased government spending to help overcome the slowdown.

the government's options have been limited by excessively loose fiscal policy in past years when economic growth was strong

Maybe not worded to your average Sun reader level but there never the less.

[Barman]

Amazing how the BBC have failed to report it…

But your BBC source does appear to report it.

And in some countries - notably the US and the UK - the lack of fiscal discipline means that there is little scope for increased government spending to help overcome the slowdown.

the government's options have been limited by excessively loose fiscal policy in past years when economic growth was strong

Maybe not worded to your average Sun reader level but there never the less.

They had the report but it was a watered-down version of what the guy said... It should really have been front page news IMHO.

[Pastis]

These guys meet every 6 months apparently, and they've been warning this for some time. I am seriously pi$$ed off with this BS about fiscal prudence and competent stewardship from Brown over the past 10 years. He's pi$$ed it away and made little provision for tougher times 

I have savings and have made provision for leaner times which now, thanks to this barsteward, I am having to eat into to bloody survive. 

[Grumpmeister]

They had the report but it was a watered-down version of what the guy said... It should really have been front page news IMHO.

Unfortunately with the BBC trying to get a larger license fee the last thing they want to do is bite the hand that feeds them.

[Barman]

These guys meet every 6 months apparently, and they've been warning this for some time. I am seriously pi$$ed off with this BS about fiscal prudence and competent stewardship from Brown over the past 10 years. He's pi$$ed it away and made little provision for tougher times 

I have savings and have made provision for leaner times which now, thanks to this barsteward, I am having to eat into to bloody survive. 

Agreed… it is just lies, lies, more lies and even more lies. Perhaps Gordo even believes that it is all somebody else’s fault.

Meanwhile he is pissing my pension down the drain and the funds we have in the UK are worthless.

Bastard!