Richard Dawson – North East Times April 23, 2020
UK business activity is declining at a faster rate than at any time during the 2008 financial crisis, according to the latest figures from IHS Markit, which tracks private sector output across the economy.
The UK Composite Output Index, which surveys businesses in the manufacturing and services sectors, was already down to 36.0 in March – the lowest figure since the survey began more than 20 years ago.
Collating data from respondents between April 7 and 21, the index is now at a miserly 12.9.
There is no precedent for a downturn in business sentiment of this magnitude and indeed the figures released today are much worse than economists’ most pessimistic forecasts.
Prior to March 2020, the survey-record low for the IHS Markit survey was 38.1 in November 2008. Today’s data is almost two thirds lower than this.
81 per cent of UK service provides and 75 per cent of manufacturing companies reported a fall in business activity during April. This was overwhelmingly attributed to widespread business closures enacted to combat the COVID-19 pandemic.
Anything below 50.0 signals a contraction in the size of the economy so it is difficult to put into words how a 12.9 figure could translate in GDP terms.
It is widely expected that tackling the coronavirus pandemic will trigger the deepest global recession in peacetime.
Jan Vlieghe, a member of the Bank of England’s interest-rate setting committee, has in fact said that the contraction we are experiencing at the moment could be faster and deeper than anything seen in this country for “several centuries.”
Chris Williamson, chief business economist at IHS Markit, explained the historic results.
He said: “The UK economy has been hit by the COVID-19 outbreak in April to a degree far surpassing anything seen in the PMI survey’s 22-year history.
“Business closures and social distancing measures have caused business activity to collapse at a rate vastly exceeding that seen even during the global financial crisis, confirming fears that GDP will slump to a degree previously thought unimaginable in the second quarter due to measures taken to contain the spread of the virus.
“Simple historical comparisons of the PMI with GDP indicate that the April survey reading is consistent with GDP falling at a quarterly rate of approximately 7 per cent.
“The actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector, which have been especially hard-hit by the COVID-19 containment measures.
“The dire survey readings will inevitably raise questions about the cost of the lockdown, and how long current containment measures will last.”
This is wonderful news for the far-right Brexit fascists. Let’s see, NHS charging at point of care, employment rights stript, minimum wage, gone. Benefits cut, tax rises… all the things our corrupt elite said they wouldn’t do after Brexit. Anyone who doesn’t believe the UK had a role in Covid, should seriously consider counseling.
Austerity by the back door, without even needing the man made CO2 myth! No doubt they’ll keep that one going with most dissenting voices silenced by the necessity to merely survive. When the going gets tough….
“It is widely expected that tackling the coronavirus pandemic will trigger the deepest global recession in peacetime.”
…”tackling the coronavirus pandemic”…
I would like to tackle the idiots who blame everything on a non-existing virus!!!
“It is widely expected that tackling the coronavirus pandemic will trigger the deepest global recession in peacetime.”
It is widely recognized that NOT tackling the God damn bastards who have triggered this bullshit epidemic has triggered the deepest global illegitimate and illegal lockdown in the history of the world!!!
“The actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector, which have been especially hard-hit by the COVID-19 containment measures.”
So the survey doesn’t even account for reality, just a portion of reality! Bunch of incompetent idiots once again! As if we needed these officials to tell us something a 12 year-old can easily figure out.
“The dire survey readings will inevitably raise questions about the cost of the lockdown, and how long current containment measures will last.”
No kidding Bozo! The dire survey readings will inevitably raise mere questions?
Who are you going to ask these questions to? The same sick freaks who are telling you they are doing all this for a fucking virus?! GTFOH!!
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Amazing Polly nails Gates the smirking weasel to the wall, once again. She undoes the magic spell by looking at the Kill & Maligna Gates Foundation for Mass Murder, his strategic investment in the World Hell Organization, etc…
Amazing Polly:
“Put on your seat belts, you’re in for a bumpy ride. I show you how so-called ‘philanthropists’ use language and veneers to hide their bad deeds as they de-humanize us. These people are like vampire aliens determined to hijack free will.
This might be my magnum opus.”
To Serve Man – The Lie Of Philanthropy
Amazing Polly
264K subscribers
https://www.youtube.com/watch?v=gm19xYwJ2nQ
The economy is worse than we think and so is the virus.
This thing is killing more each day and is not going away.
Hey Kirby! Wake up! Is there anybody in there?
The things called Gangbanksters, the things called governments, and the things called Shitstream Media are killing more each day and unfortunately, like you, they are not going away to Concentration Camp where they can have all the time in the world to CONCENTRATE REAL HARD on The Truth, The Whole Truth and nothing BUT The Truth..
Here’s the so-called “governor” of California:
Contact Tracing, Military Choke Points and Mandatory Testing or No Food For You
http://grizzom.blogspot.com/2020/04/and-nowcontact-tracing-military-choke.html
The level of unacceptability of these freaks is completely off the scale but hey, doesn’t the governor look and sound “Oh so nice and pleasant”…?! And how about that insane shithead who’s interviewing him?! Doesn’t he look great? That’s all it takes in the land of ignorant morons and gullible zombies: nice looking sacks of maggot-infested rotting garbage pretending to inform while terrorizing everyone with their blatant insanity.
Tell me again that they’re doing all this shit because of COVID-19, Kirby!
Go ahead and convince me if you can. You sound like a tele-tubbie and your assertions are infantile. Some people are just begging to have their sorry arses kicked!