UK faces recession

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With the Chancellor of the Exchequer stating that the UK is facing "the worst economic conditions in 60 years" I worry greatly for our economy : (

The Paris-based Organisation for Economic Cooperation and Development (OECD) has said that the United Kingdom is the only rich Western country to be hit this hard by the global down turn. I mean, the economy is shrinking! D:

When will this downward spiral of economic doom end, or are we heading for another Great Depression?

Thoughts please.

 

It seems like the whole world is going downhill, just because we're running out of Black Gold.

 

I can't really think of anywhere in the western countries that isn't going through some period of recession at the moment, sadly. We are at a crossroads and need some change in the way we evaluate things. Promoting more job stimulus at the home countries would assist in this effort. Poking invention, motivation etc in small business and communities that often get overlooked due to big corps might be a help. It's a rough situation and everyone seems to be feeling the clinch of it now.

I think we all need to evaluate really how much dependency we have on oil and more jobs would come from actually trying to divert ourselves from our dependency of it. Also, housing is a problem but if more stimulus applied to local jobs, promoting small businesses and giving a slight tax to those corps that choose to employ in other countries rather than helping their original ones, well it would make competition a more promising thing. Jobs aren't what they used to be for many people and that's where I think the focus really needs to be because if people cannot work simply because there's too much competition to finding work, well, they drain the governments without really wanting to. There's just so much wrong now that needs rethought as we change our global views and integration with others because now we are all seriously hurting ourselves even if we can buy things at a cheaper cost.