Gross domestic product (GDP) tumbled 2.4 per cent in the first three months of the year, the steepest plunge for 51 years, the Office for National Statistics said.
Now we know why there will not be a spending review, our unelected moron of a Prime minister has decided to stick his head in the sand and pretend that everything is great in the Brownvile country.
Gorgon Brown launched his new vision yesterday, wait for it,you guessed it, he's going to borrow even more in a vain attempt to save his stinking skin; someone should take him out the back and do the honest thing!
Gorgon Brown has done everything in his power to prop up house prices to keep the illusion of prosperity going on a while longer.
Interest rates have been cut to ridiculously low levels to get people to spend money they have not got, huge cash injections, bank and company bail outs etc; all to slow down the rate of economic decline.
To anyone with a brain, this was never going to be sustainable, a fantasy trip on yet more borrowed money, that is hitting the buffers now.
The gorgon is like a gambler who is down to his last few spins of the roulette wheel and will make reckless bets in the hope of scooping the jackpot; but in the process will go bankrupt.
I expect the UK economy to tank and unemployment to soar when reality sets in - inflation will rocket thanks to a weak Pound and public spending will be cut abruptly - leading to more job cuts.