Economy shrinks 2.4%- Q1 2009-fastest in 50 years

The ONS confirmed this was the worst result for many years and was worse than forecast.

Disposable income/ manufacturing/construction/service sectors all had bad results.

There are some commentators suggesting we are just getting back to zero growth ( a huge achievement if true) but no one expects a quick fix.  Back on my old hobby horse- the  results are hardly suprising given the lack of bank finance and shows the massive squeeze the country has undergone and is still suffering from.

Without wishing to be Cassandra- from our view point- the banks have actually got worse over the last few months not better- where did all the recapitalisation cash go?  Until the money markets function propertly and the banks have enough capital I cannot see ‘ things’ getting better quickly.