comsc US Politics | AMERICAblog News: Economic troubles continue in pro-austerity UK
Join Email List | About us | AMERICAblog Gay
Elections | Economic Crisis | Jobs | TSA | Limbaugh | Fun Stuff

Economic troubles continue in pro-austerity UK

| Reddit | Tumblr | Digg | FARK

In predictable fashion, the British economy took yet another hit. Exports and falling and thanks to austerity, fewer people at home have the money to buy as much as they did in the past. What should also be a concern is that the full impact of austerity has not yet been felt though it is increasingly hitting the country.

What does it take for people to admit that austerity doesn't work? Heaven forbid the Republicans take over Washington and bring this failed plan to the US.

Britain's goods trade deficit unexpectedly widened in April as exports plunged, raising the threat of a third quarter of economic contraction and adding urgency to new measures to foster growth as trading partners in the euro zone weaken.

The country slid back into recession around the turn of this year, and more pain looms as a relentless debt crisis in the euro zone - the main market for Britain's exports - hits trade and makes companies reluctant to invest and hire.

The Office for National Statistics said on Friday the goods trade deficit grew to 10.1 billion pounds ($15.70 billion) - the second-largest gap since records began in January 1998. That compared to a deficit of 8.7 billion pounds in March and confounded forecasts for a reading of 8.5 billion pounds.

blog comments powered by Disqus