Aaron Bastani: The Coming Recession Will Be Worse Than 2008

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The Coming Recession Will Be Worse Than 2008 Aaron Bastani: Five consecutive quarters of economic contraction – that's what the Bank of England predicted last week for the end of this year and the whole of 2023.  If that doesn't mean anything, try this: Britain is now headed for a recession that will last as long as the financial crisis of 2008. Only this time it won't come after 63 quarters of growth – as it did when Lehman Brothers and Northern Rock collapsed – but after 14 years of stagnant wages and anaemic growth. While the cultural default before the late 2000s was to assume that things were generally getting better, today anyone younger than 31 has never worked in an economy with sustained average wage rises. Ahead of us is the third major recession in less than a generation, with Britain's economy now expected to be no bigger in 2025 than it was in 2020.  Taken by itself, five years of no net growth (per head the economy is actually set to shrink) is extraordinary. But this comes after the weakest 15-year growth period – from 2004 to 2019 – since 1934. We have already witnessed a 1930s-style drop in living standards, but instead of the post-war boom what now seems likely is that we will simply do it all over again. CONTINUE READING ➡︎ Picks of the week... ANALYSIS Stop Calling It A Price Cap by Matteo Tiratelli As annual energy bills are forecast to hit over £4,000 from January 2023, Matteo Tiratelli examines the history – and future - of Britain's 'price cap'. Read more... INTERNATIONAL Colombia's Brand New President Wants to Keep Fossil Fuels in the Ground by Nathan Thanki Colombia just swore in a left leadership that has vowed to ban new fossil fuel projects, end fracking, transition to renewables and return power to the people. Read more... READ MORE ON NOVARAMEDIA.COM ➡︎ Support independent journalism. We've got big plans for our written journalism, aiming to bring you even more analysis, opinion and reporting than we've been able to before. Setting up a regular monthly donation is the best way to help us sustain our work, grow our output, and expand our reach. Support us with a monthly donation from just £1 per month to help us to plan our future, and be more resilient in the media space.  Alternatively, you can support us with a one-off donation. We know times are really tough, so any support you give does not go unnoticed. Thanks so much – we couldn't do this without you. Copyright © 2022 Thousand Hands Ltd. All rights reserved. Thousand Hands Ltd is a private company limited by guarantee registered in England and Wales #11245029. Its registered address is 10 Bridge Street, Christchurch, BH23 1EF. Novara Media is a trading name of Thousand Hands Ltd and, as such, the individual shall have no personal liability arising out of such communication, and liability or obligation rests solely with Novara Media. Opinions or advice contained in this email are subject to the terms and conditions set out in the relevant terms of business and are not necessarily agreed or authorised by Thousand Hands Ltd. We have taken all reasonable precautions to ensure that no viruses are transmitted from Novara Media to any third party. Novara Media accepts no responsibility for any loss or damage resulting directly or indirectly from the use of this email or the contents. Novara Media is regulated by IMPRESS, the independent press regulator.

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