Far from being over - the recession is now deepening.

So far this week we have had :

REGENT INNS go under ( Punch have brought most of it but many Jongleurs clubs outside London have now closed )

FIRST QUENCH the leading off license firm who own Threshers and Wine Rack have gone under today.
news.bbc.co.uk/1/hi/business/8332813.stm
and in the last few months they have closed many of their stores in any case.....

MORE BANKS in EUROPE and USA have gone under
news.bbc.co.uk/1/hi/business/8314087.stm

INSOLVENCY EXPERTS say it will get worse from now on...
news.bbc.co.uk/1/hi/business/8315666.stm

The GDP figure only represents output which can be "rigged" quite easily by Governments if they push QE money into clunkers or state schemes. They then paper over the actual situation for Non Publicly Funded enterprises.

There are many venues close to the edge in the UK at the moment - and no sign of an upturn - most are operating at less than 70% of usual turnover at this time of year and after a disastrous summer only those with deep pockets will survive to next April.

Gordon Brown should not worry about the GDP of other countries because it is smoke and mirrors. In fact real output of the World is now 30% down everywhere. The figures are a techicality. It is like saying there are grades of someone drowning....some are in deeper water than others but all are still drowning.

We all need to fasten down the hatches and save money for the rampant inflation which seems to be coming from ever rising taxes and fuel prices - just to keep pace with tax rises next year people need to save 10% of income this year I suggest if they can.

Certainly this Christmas is going to be a smaller affair than usual. Perhaps people can focus on the meaning of it rather than consumption.

Spare a thought for everyone being laid off in the next 8 weeks - there will be hundreds of thousands of these poor people. Many companies hang on until Christmas to see if they can make it through with one last rush of spending - but that looks highly unlikely. Our High Street is still very very quiet - by now it should be busier ready for Christmas - but shops are still empty of buying customers and the only shops in a nearby shopping centre with Qs are the POUND shops.....which says it all.