Recession, Depression, Recovery
With the news yesterday that official figures finally confirm that the UK has had two consecutive quarters of negative grown, the commonly accepted definition of a recession, commentators have started to ask whether Britain may be headed for an actual depression.
I was reminded of a line used in the '70s in the US by then candidate Ronald Reagan, which could be adapted to the UK today as follows:
A Recession is when your neighbour loses his job
A Depression is when you lose your job
Recovery begins when Gordon Brown loses his job.