Triple dip? Or no dip?
So we seem to have got past the probability of entering a triple dip recession, according to most of the pundits.
Then again, some are revisiting the start of this recession back in 2008 and, with the help of those with a revisionist bent and a certain bulldog tenacity, the initial figures had us showing a 0.2% rise in GDP. Which was not a recession.
However... The latest figures from the Office of National Statistics (ONS) suggest we were in a recession with figures confirmed as a 0.9% fall.
So where does information like this leave us? Apart from none the wiser, of course.
It leaves us in the same situation. We have banks seemingly running riot, with LIBOR fixing and money laundering. Yet not one banker has ever been thrown in jail, in spite of the havoc they’ve wreaked on us and business.
And they’re still not lending to us, making business a tad tricky.
So what’s the latest wheeze?
Simple. Negative interest rates. Why didn’t we think of that before, I hear you all wondering.
This is, apparently, another inducement to the banks to lend us their money. After all, they’re losing money by keeping it, so they might as well lend it out to us.
OK. But what about those of us who have a little nest egg we hope will provide us with some comfort and, of course, some insignificant funds to keep the wolf from the door as old age approaches.
What about us? We’ve done all the right things and put some hard earned away for a rainy day. And the bankers are only too pleased to rain on our parade by reducing even further our meagre return on the getting ever more insignificant funds we have accumulated.
Then again, business isn’t that bad... Provided, of course, you’re not in boat sales. I suspect the big builders will have a bad year. Certainly I hear talk of business being down by 20% and more.
But a walk around the RYA Dinghy Show produced some rather happy people.
Paul Honess said Marlow was doing very nicely, especially with its recent USA moves. Paul Botterill said Barton was about 5% up and happy. Chris Wilson said Versadock – at the dinghy show for the first time – had a good London show, an even better Düsseldorf and was wondering why they hadn’t been to the dinghy show before this year.
Sandy Phillips (good to see her back at a boat show) said RWO was doing very nicely without the London show. Graham Brown added Sea Sure was very happy with life.
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