Britain In Worse Economic Mess Than Russia
The Owen Jones Podcast
Owen Jones
4.4 • 1.4K Ratings
🗓️ 1 February 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Well, this is catastrophic: the latest IMF projections have Britain suffering the worst economic growth than any major economy - and also Russia, which is involved in a massive war and hit by huge sanctions. And by worst economic growth, I mean recession. Tory excuses of 'well, everyone is suffering' have been demolished. Here is how the country has been taken to its knees.
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Transcript
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| 0:00.0 | Oh dear, we're in quite a lot of trouble, it turns out. |
| 0:03.1 | His list of countries compared to which Britain is set to do worse economically |
| 0:08.1 | in the coming year, according to the latest projections by the International Monetary Fund, |
| 0:13.6 | Japan, Canada, the United States, France, Italy, Germany. I say worse then, |
| 0:22.1 | all of these countries are set to grow to some degree. |
| 0:25.3 | You'd make the Germany only just by 0.1%, the US is on 1.4%, Japan nearly 2%. |
| 0:31.8 | Of all these countries, only Britain faces economic declines, shrinking by 0.6%, |
| 0:39.9 | it gets worse. So much worse. |
| 0:42.9 | Britain is set to do worse than Russia. Russia. |
| 0:47.0 | Now, Russia's actually set to grow this year, at this weak measly growth, but it's still growing, |
| 0:52.4 | which is literally better than us. Russia's invaded its neighbour. It's in a massive |
| 0:56.8 | catastrophic war, which itself, of course, is entirely responsible for, and has been subjected |
| 1:02.5 | to massive economic sanctions. And Russia, Russia, just underline, is set to do better than us |
| 1:08.9 | economically in the coming year. It gets worse than that. You're probably thinking, |
| 1:14.2 | could it possibly get worse than that? Well, it just does, duplicate and perspective. |
| 1:17.4 | Some other countries would do worse than Italy, Spain, South Africa, Mexico, Nigeria, |
| 1:24.7 | by actually a pretty big margin, to be honest, and also China, who are way ahead. |
| 1:28.7 | Now, this is bad. It's actually impressively bad. |
| 1:31.6 | Like, a considerable amount of effort has been put into making this as disastrous as it clearly is. |
| 1:40.2 | Now, maybe you think, well, maybe you'll pick up into 2024, you know, sometimes you, |
| 1:44.8 | but you often get a big rebound after that sort of contraction. Doesn't look like it, guys. |
| 1:49.2 | In 2024, we're projected to have 0.9% growth, which would be the joint worst performance |
... |
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