Always look on the bright side of life under Labour

" WHAT IS A RECESSION?

There are a number of definitions of a recession.

The most commonly used one is when there are two quarters in a row of economic contraction, or negative growth.

But it is quite possible to have two quarters of negative growth and another couple of quarters of decent growth - so the economy actually grows year on year, despite going through a technical recession. "

That's the BBC's helpful guide here to what is a recession. I particularly like the "But it is quite possible to have two quarters of negative growth and another couple of quarters of decent growth - so the economy actually grows year on year, despite going through a technical recession.", presumably that will be Gordon Brown's next fall back position. We have already had the UK is uniquely placed to ride out the worldwide economic problems, we have had the not as bad as under the Tories and now we are to have "only a technical recession".

One wonders what Gordon Brown, his Cabinet minions and Pravda/BBC will say when inflation even per their fiddled measure is over 10%, unemployment even per their fiddled measure is over 3 million, the pound reaches parity with the Euro and drops below 1.3 against the Dollar, house values are down 40& on their peak with concomitant rises in repossessions and over a third of the FTSE 100 Companies have left the UK to escape the swingeing increases in company taxation...