News today is telling us the British economy shrank by 0.5% in fourth quarter of 2010 instead of the 0.6% previously reported by the Office of National Statistics
Over the last three months of 2010, the total value of the goods the UK imported was £26.8bn higher than the total value of the goods it exported.
However, the UK exports more services than it imports, so the total goods and services trade gap is narrower, at almost £10.5bn.
The trade figures was released alongside the final revision of GDP for the fourth quarter of the year, which put it at -0.5%, slightly down from the previous estimate of -0.6%.
All this must look worrying news for George Osbourne and his tory friends inteh cabinet. It is even more worrying to those of us at the bottom of the scale who have no say in what happens at teh top. Decisions to cut spending now is looking increasingly foolish. No one is denying teh deficit has to be dealt with but these massive cuts on the working class which are far too disproportional in my view are simply unfair. As i've previously stated i'm against all cuts as a collection of tax evaders totalling roughly 120 billion pounds would more than cover our deficit. But will the tories do this ? i doubt it somehow, It would mean upsetting a lot of their friends in the city and we cant have that now. So the poor and the working class must suffer as usual. Figures like this just bring it home what the tories are doing to this country more harm than good that's for sure.
More figures like these will lead us back into a recession which i feel we're not too far away from now. Any minimal growth last year was carried over from before but now we're running on empty. As socialists we call on nationalising the banks and bringing them into workers ownership, public ownership. Not the semi nationalisation what happened with RBS in 2008 a total nationalisation of all the banks and demand they open their books for transparancy there is evidence that there is plenty of wealth sloshing around at the top lets see more of it used to protect our public services and stop this attack on the working class.