Oh Yeah The UK Economy's F*cked.

Today (24/5/12) Britain's Office for National Statistics (ONS) has released the revised economic figures for Quarter 1 (January, February, March) 2012. The figures have been revised down from (-0.2%) to (-0.3%). Officially this worsening of the double dip recession is being blamed on a cut in government spending (austerity) causing a contraction in the construction sector.

So you know Europe take your lesson about stopping austerity because at around 22:15 I'm going to bed.

Edited at around 12:35 on 25/5/12 to add:

Of course yesterday and today news journalism in the UK has been suspended because Adam Smith has been giving evidence to the Leveson Inquiry into media ethics. Adam Smith was the Culture Secretary Jeremy Hunt MP's special adviser until he was forced to resign after allegations made at the Leveson Inquiry. Obviously Mr Smith also shares his name with with famous British economist Adam Smith who was a favourite of former British Prime Minister Gordon Brown and his work was much referenced during Brown's effort to "Save the banks. Save the world" following the 2008 credit crunch. One of Smith's most famous theories was "The Paradox of Thrift." Basically this argued that people saving rather then spending their money has an overall negative effect on the economy. Getting the banks to save rather then spend is central to building the Eurozone's "firewall" against bad Sovereign debt.

So by drawing attention to the other Adam Smith by forcing him to resign Britain is both trying to the damage the reputation of one the central figures in the Eurozone's response to the credit crunch while at the same time trying to get the Eurozone leaders to pursue his strategy. This level of confusion and contradiction leads me to believe that when it comes to the Eurozone crisis Britain doesn't even understand the question let alone know the answer.

Also today (25/5/12) shares in Spain's fourth largest bank Bankia have been suspended from the country's stock exchange. I would go further and suspend the entire Spanish index until Greece holds it's election. That's because Spain is going to get thumped as the financial markets try to intimidate the Eurozone leaders into providing an economic stimulus.