U.K. Economy Shrinks in Longest Slump

I hope you didn't think that debasing the GBP by 30% , bailing out all insolvent banks in order to try re-inflate the credit bubble and adding the burden of this multi-trillion wealth transfer from the people to the banks would save UK's bubble economy...

Even government agencies didn't manage to cook the books enough to create even a technical, job-less recovery as the other countries managed to do:

Oct. 23 (Bloomberg) -- U.K. gross domestic product unexpectedly dropped in the third quarter as enduring slumps in services, manufacturing and construction kept the economy mired in its longest recession on record. The pound tumbled.

Gross domestic product dropped 0.4 percent from the previous three months, the Office for National Statistics said today in London. Economists predicted a 0.2 percent increase, according to the median of 33 forecasts in a Bloomberg News survey. None forecast a contraction. The economy has now shrunk over six quarters, the most since records began in 1955.

It is time to remember Bob Farrell's 8th market rule: When all the experts and forecasts agree – something else is going to happen...

[Update:] Here's the result on the GBP - who said the markets were efficient in forecasting the economy?

(Click for bigger view)