UK Under Recession, Inflation Hitting World Strong Economies

[348Judah]

Information reaching now that UK Economy now in Recession despite all the struggles through the economy recent challenges to avoid this from happening, it was noted that countries like China and US have also been battling with such downward trend in their GDP for this 2022 Q3 season and inflation has been contending with developed and advanced countries economy, the UK economy has been experiencing unstable price control  over it domestic produce with a drop in it labour market recently, it could be noticed that few weeks back, it was noted that UK economy on brink of recession before this could not eventually got mitigated to this time as inflation does not only appear with UK but with other strong countries and their economy, let's take a look proper.

From UK Economy

UK-weighted global GDP growth appeared to be slowing in 2022 Q3, with data coming in a touch below the already weak expectations at the time of the August Monetary Policy Report https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/september-2022

From US Economy

In the United States, GDP was expected to grow by 0.2% in the third quarter, marginally lower than had been anticipated in the August Report, following Q2 GDP growth of -0.1%, which had been weaker than expected https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/september-2022

From China Economy

China’s GDP growth was likely to be weaker in 2022 Q3 than had been anticipated at the time of the August Report. In July, fixed asset investment and industrial production had fallen, and the rate of growth in retail sales had slowed https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/september-2022

An official statement coming from The Bank of England’s Monetary Policy Committee (MPC) that after consultations from the concerned stakeholders and committee (MCP) from it just concluded meeting on the 21st of September 2022 the final conclusion is on: Bank Rate increased to 2.25% - September 2022 with these, isn't the whole world economy tied to inflation and recession because some were just managing to schew out of it before this one coming in again, the strong and giants are falling, what shall be the fate of the weak and developing countries in this economic perilous time.

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[stompix]

Here is the article source, not just a tweet, and it also has the numbers:
https://www.theguardian.com/business/2022/sep/22/bank-of-england-interest-rate-rise-latest

After a 0.1% drop in gross domestic product in the three months to June as the economy slumped into reverse, the Bank said a further 0.1% decline could now be expected in the third quarter amid a slump in consumer spending and weaker activity for manufacturing and construction.

0.1% drop, run for the hills!!! The apocalypse is coming!  
Imagine if it went down twice that much, by 0.2, It would have meant the end of the world!

[Rruchi man]

I think the UK government have been battling the situation, trying to ensure that the situation doesn't get to this, but with the unforeseen death of the queen and the unexpected expenses they were thrown into as a result of it, it must have contributed to the present recession they are facing. The queens funeral certainly cost a lot of money and no actual figure have been released yet as the amount spent, but taxpayers money looks to have been involved, coupled with the energy crisis, hence their current situation.

[Darker45]

Inflation is hitting the whole world. It seems not a single country, however developed it may be, is impervious to it. The rising of prices right now is global. But developed countries like the UK are more capable of absorbing the effects of inflation. Although record-level inflation must indeed have a considerable impact on their citizens, at the very least they have a much wider leeway to make adjustments. Citizens of strong economies have a higher standard of living.

To citizens of developing countries who are already having a hard time even before this global crisis came, things must have already been more or less unbearable today.

[jackg]

I think the UK government have been battling the situation, trying to ensure that the situation doesn't get to this, but with the unforeseen death of the queen and the unexpected expenses they were thrown into as a result of it, it must have contributed to the present recession they are facing. The queens funeral certainly cost a lot of money and no actual figure have been released yet as the amount spent.

I doubt it was in the billions though so it was probably "affordable".

I do think the government are liable to what's happening with the oil crisis, the lack of economic growth in a lot of places and trying to provide a space great for foreign investors to invest (even though they don't want to and don't really need to for the economy to boom - but the ones who have stayed are certainly enjoying the benefits of it, even if they couldn't leave anyway).

https://www.theguardian.com/business/2022/sep/22/bank-of-england-interest-rate-rise-latest

After a 0.1% drop in gross domestic product in the three months to June as the economy slumped into reverse, the Bank said a further 0.1% decline could now be expected in the third quarter amid a slump in consumer spending and weaker activity for manufacturing and construction.

0.1% drop, run for the hills!!! The apocalypse is coming! 
Imagine if it went down twice that much, by 0.2, It would have meant the end of the world!

Is a 0.1% drop much? It seems like a tiny amount to be linked to rising interest rates.

The UK's economy looks like it grew by about 7-8% last year so it probably was expected to contract after that. It seems like a big place to get overall statistics for as different regions do different things and grow at different rates because of that (for England, North West does a lot of manufacturing, North East and south west does a lot of natural resource extraction or farming and London does a lot with financial firms - these might not be the main industries there but they seem to be the ones that affect gdp growth figures the most - or have done over the last few years).

[Frankolala]

Recession has become the order of the day for the whole world. The big countries are some how connected to one another so if majority of them are facing recession then it will affect the rest since they trade with one another in exchange of goods and services. England was thinking it will be possible for them not to be in recession but the world is a globe and everything in the world moves round as long as it is global, so since businesses and banks were shut down for one week it must affects the country economy. The prices of things are just shooting up everyday by day with your income not increasing, the developing country has been facing recession ever since beginning of this year but Big countries are just facing it.
  0.1 is a small drop compare to some countries drop especially in the developing countries.

[Gozie51]

To citizens of developing countries who are already having a hard time even before this global crisis came, things must have already been more or less unbearable today.

UK economy is not looking like having recession if the little percentage margin in inflation is to be focused because the economy still very fertile and receiving  people coming in from less developed countries. They are still advertising for jobs to job seekers in the country. Just like you said, the world is having a slide because of the global activities over the last five years. Covid-19 pandemic is one big factor that pushed many economy downwards and now the effect of war in Ukraine is part of the rise of global inflation.

[Fortify]

Information reaching now that UK Economy now in Recession despite all the struggles through the economy recent challenges to avoid this from happening, it was noted that countries like China and US have also been battling with such downward trend in their GDP for this 2022 Q3 season and inflation has been contending with developed and advanced countries economy, the UK economy has been experiencing unstable price control  over it domestic produce with a drop in it labour market recently, it could be noticed that few weeks back, it was noted that UK economy on brink of recession before this could not eventually got mitigated to this time as inflation does not only appear with UK but with other strong countries and their economy, let's take a look proper.

From UK Economy

UK-weighted global GDP growth appeared to be slowing in 2022 Q3, with data coming in a touch below the already weak expectations at the time of the August Monetary Policy Reporthttps://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/september-2022

From US Economy

In the United States, GDP was expected to grow by 0.2% in the third quarter, marginally lower than had been anticipated in the August Report, following Q2 GDP growth of -0.1%, which had been weaker than expected https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/september-2022

From China Economy

China’s GDP growth was likely to be weaker in 2022 Q3 than had been anticipated at the time of the August Report. In July, fixed asset investment and industrial production had fallen, and the rate of growth in retail sales had slowed https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2022/september-2022

An official statement coming from The Bank of England’s Monetary Policy Committee (MPC) that after consultations from the concerned stakeholders and committee (MCP) from it just concluded meeting on the 21st of September 2022 the final conclusion is on: Bank Rate increased to 2.25% - September 2022 with these, isn't the whole world economy tied to inflation and recession because some were just managing to schew out of it before this one coming in again, the strong and giants are falling, what shall be the fate of the weak and developing countries in this economic perilous time.

There was a new UK "budget" released yesterday which is absolutely horrendous. The current party in charge took some of the most fiscally irresponsible actions you could possibly imagine, they stripped back lots of laws and ultimately helped the poorest the least while giving massive tax cuts to the richest. It is going to cause even greater problems in balancing the books and the stock market took yet another hammering. It seems that the UK is constantly stuck with some dire class of politicians and a political party that has become rotten after 12 years in power, who are only interested in serving the billionaires that they have private meetings and probably party with when they should be working.

[romero121]

There was a new UK "budget" released yesterday which is absolutely horrendous. The current party in charge took some of the most fiscally irresponsible actions you could possibly imagine, they stripped back lots of laws and ultimately helped the poorest the least while giving massive tax cuts to the richest. It is going to cause even greater problems in balancing the books and the stock market took yet another hammering. It seems that the UK is constantly stuck with some dire class of politicians and a political party that has become rotten after 12 years in power, who are only interested in serving the billionaires that they have private meetings and probably party with when they should be working.

This form of governance is getting to be common around the world. The reason behind it, the governments believe that the billionaires invest in the country, generate revenue and support the people. They'll invest only if they were provided with tax cuts and subsidiaries. The reality differs, another thing collection of tax from the common man is a way to increase the tax revenue.

UK is to experience hard days, because for the past 70 years there is no change. Now to change everything to Charles lll itself a big expense for the government.

[mindrust]

UK has always been living on a life support anyway. Look at their stocks market FTSE100, there is barely anything interesting happening there. It is so dull.

Almost every company there doing oil, health, mining, tobacco, telecom etc. Having these companies isn't that bad but no new tech is emerging in the UK anymore and they have lots of debt to cover which is bad. The US is just like the UK but they have these fancy giant companies like Apple, Nvidia, AMD, Meta, Netflix etc... Even though some of these companies are pretty shit, they are still giants and attract lots of investors to the US stock market. The UK don't have anything similar.

[crwth]

I think this is more about the energy crisis that is happening within the UK. With Russia's oil being in the mix, it will be harder to solve the problems. With all the stimulative packages given by the government to make things survive and energy rotations happening, Euros and Pounds are affected by this, causing inflation. The trading with energy has produced a lot of problems with the margin calls that are supposed to be with the pandemic easing programs. That's just a hectic thing, to begin with, and out of control.

We will see more of this as time goes by, it may not be all at the same time, but I think we are in the recession already. Shortages of USD will also be a problem with what's happening with the trade.

Would being with crypto save you from all of these?

[BRINIRHA]

It is not surprising that the UK will face a recession. because since the beginning of 2022 inflation continues to increase in the UK. even inflation penetrated 10% and that means the UK is experiencing the worst inflation in the last 40 years. The economic crisis that occurred this year was very severe. so that all countries will definitely be affected. both developed and developing countries. Interest rates will continue to be raised in each country in an effort to combat this inflation. and those who will be most affected by the community are those with middle to lower economic levels.
spikes in food and energy prices have spread across the country. What is more worrying is the food crisis in several countries.

even these countries have experienced a food crisis since 2020-2021. then in 2022 the food crisis in these countries will get worse and reach an extreme level.
those countries are

1. Republic of the Congo
2. Afghanistan
3. Yemen
4. Sudan
5. South Sudan
6. Ethiopia
7. Haiti
8. Zimbabwe

And now if only the UK was going into a recession. then we can imagine how severe the economic crisis is in developing countries that have long experienced economic crises.

[pooya87]

Is a 0.1% drop much? It seems like a tiny amount to be linked to rising interest rates.

You are asking the wrong question because it doesn't matter if some arbitrary statistics say there is a 0.1% drop or a 100000% rise when there is a serious "cost of living crisis" going on in UK and there are millions of people in UK who can not afford food anymore.

https://www.reuters.com/world/uk/more-than-half-britons-hurt-by-cost-living-crisis-nielseniq-2022-09-21/
Reuters is not even telling the whole truth since it is a mouthpiece spreading British propaganda.

[Renampun]

I think the UK government have been battling the situation, trying to ensure that the situation doesn't get to this, but with the unforeseen death of the queen and the unexpected expenses they were thrown into as a result of it, it must have contributed to the present recession they are facing. The queens funeral certainly cost a lot of money and no actual figure have been released yet as the amount spent, but taxpayers money looks to have been involved, coupled with the energy crisis, hence their current situation.

the death of the queen of England is not the reason for the recession that occurred in England, the death of the queen of England only delays the England recession plan, which means the recession was planned long ago.
the cause of the British recession was due to the instability of oil and gas prices (rising CPI) that occurred due to the Ukraine-Russia war and the British central bank trying to adjust to the central banks of their friendly countries.

[kryptqnick]

I believe it's normal when there is a recession from time to time. It can't all be growth, you know, and there has also been the pandemic, followed shortly by the Russo-Ukrainian full-scale war that also made the economy take another hit. IMO the job of a country in times like this is to ensure as much as possible that those living currently under the worst conditions and those likely to be hit the hardest get some lost of financial support.
Overall, I think we should move to rethinking the economy as such, and whether it's even supposed to be growing all the time. We've long been making enough produce for the whole world, and the issue is not that not enough is made worldwide but in how incredibly unfairly it all gets distributed. Figuring out better ways of distributing goods and services rather than on growing the total amount in a system where it would disproportionately be more beneficial to the riches is the way forward.

[348Judah]

It is not surprising that the UK will face a recession. because since the beginning of 2022 inflation continues to increase in the UK. even inflation penetrated 10% and that means the UK is experiencing the worst inflation in the last 40 years. The economic crisis that occurred this year was very severe. so that all countries will definitely be affected. both developed and developing countries. Interest rates will continue to be raised in each country in an effort to combat this inflation. and those who will be most affected by the community are those with middle to lower economic levels.
spikes in food and energy prices have spread across the country. What is more worrying is the food crisis in several countries.

even these countries have experienced a food crisis since 2020-2021. then in 2022 the food crisis in these countries will get worse and reach an extreme level.
those countries are

1. Republic of the Congo
2. Afghanistan
3. Yemen
4. Sudan
5. South Sudan
6. Ethiopia
7. Haiti
8. Zimbabwe

And now if only the UK was going into a recession. then we can imagine how severe the economic crisis is in developing countries that have long experienced economic crises.

You're right, i give a study on the list of countries you've mentioned here and discover that not onky have they engage on food crisis over the past years but they are countries underdeveloped with high rate of poverty and the fact is that they are already into this inflation storm over some years now and never finds a means out, though it was bever pronounced anymore dince they were probably regarded as an underdeveloped or developing countries, this makes much attention some miles away fron them, but i think the developed countries own sounds as one over a very long time and got public attention since they are the world's leading economy others build on, but on a serious note i wish they can see to understand what these developing countries had been through over the years and not attaining a stable economy till present time.

[Welsh]

Here is the article source, not just a tweet, and it also has the numbers:
https://www.theguardian.com/business/2022/sep/22/bank-of-england-interest-rate-rise-latest

After a 0.1% drop in gross domestic product in the three months to June as the economy slumped into reverse, the Bank said a further 0.1% decline could now be expected in the third quarter amid a slump in consumer spending and weaker activity for manufacturing and construction.

0.1% drop, run for the hills!!! The apocalypse is coming!  
Imagine if it went down twice that much, by 0.2, It would have meant the end of the world!

Not sure if you're being sarcastic, if you're I've totally missed that, sorry. However, even small percentages when we're talking big numbers is a massive amount. It's the people that feel it, not necessarily the government as much. That 0.1% will be felt for the next decade, and it's the people that will have to pay more in tax, and see their money become worth much less, due to the inflation it costs.

0.1% might look trivial on paper, but we're talking about some massive numbers here.

I believe it's normal when there is a recession from time to time. It can't all be growth, you know, and there has also been the pandemic, followed shortly by the Russo-Ukrainian full-scale war that also made the economy take another hit. IMO the job of a country in times like this is to ensure as much as possible that those living currently under the worst conditions and those likely to be hit the hardest get some lost of financial support.
Overall, I think we should move to rethinking the economy as such, and whether it's even supposed to be growing all the time. We've long been making enough produce for the whole world, and the issue is not that not enough is made worldwide but in how incredibly unfairly it all gets distributed. Figuring out better ways of distributing goods and services rather than on growing the total amount in a system where it would disproportionately be more beneficial to the riches is the way forward.

Sadly, these people are usually forgotten about or offered trivial grants that in the grand scheme of things isn't going to help. I mean we haven't just got a recession, we've got energy price hikes which aren't justified one bit, so a lot of people can't even afford to heat their homes this winter. That's in developed countries now, in 2022. Plus, that's not trying to be dramatic either, a lot of people will literally be facing this problem. Add together the rising fuel, and food costs, and you've got a recipe for disaster. Honestly, I wouldn't be surprised if we see it all over the news how people have died over this winter simply because they can't afford these essential things.

[stompix]

~

Not sure if you're being sarcastic, if you're I've totally missed that, sorry. However, even small percentages when we're talking big numbers is a massive amount. It's the people that feel it, not necessarily the government as much. That 0.1% will be felt for the next decade, and it's the people that will have to pay more in tax, and see their money become worth much less, due to the inflation it costs.

Of course I'm being sarcastic, I've lived in an f* commie country, we were next door (a few more doors) neigbours but we were poor as s** compared to the western world, we've gone through inflation peaking at 100% for years, we had unemployment that would rival Edward I numbers, we had barely any reliable and working industry left, we took 5-10% decreases in GDP and look, what a surprise we're not dead, our economies are growing, the apocalypse didn't happen!
But 0.1% and it's decades of pain! Common!

0.1% might look trivial on paper, but we're talking about some massive numbers here.

Good, cause if 0.1 it's a massive number you obviously agree 0.2 it's an even more massive one, right?   
UK economy grows by 0.2% after predicted decline

OP, change the title, we've survived another one!

[Hydrogen]

Not only is the UK breaking away from european norms by following through on #brexit. It would appear the UK is bucking global trends with its handling of their finances and economy as well. The UK is becoming an experiment for what happens when you do the opposite of what all other major nations are doing. To label it contrarian would be an understatement. Its more like bizarro mirror world opposites day.

While most major nations like the united states are raising taxes. The UK appears to be following a policy of tax cuts. History and the future might tell us who was right and who was wrong. Until then, I'm certain there will be no shortage of speculation.

Italy also appears to be following the example set by #brexit. If their new prime minister, Giorgia Meloni, is anything to go by. The world is fast becoming a crazy place. Buckle up those safety harnesses we're in for a wild ride.

[be.open]

There was a new UK "budget" released yesterday which is absolutely horrendous. The current party in charge took some of the most fiscally irresponsible actions you could possibly imagine, they stripped back lots of laws and ultimately helped the poorest the least while giving massive tax cuts to the richest. It is going to cause even greater problems in balancing the books and the stock market took yet another hammering. It seems that the UK is constantly stuck with some dire class of politicians and a political party that has become rotten after 12 years in power, who are only interested in serving the billionaires that they have private meetings and probably party with when they should be working.

Liz Truss is absolutely incompetent, I don’t understand how it was possible to choose a person as prime minister, whose opinion on any issue is spinning like a weather vane in the wind.