I did not really need a lecture on economics - but since you brought it up, let's get the true definition - "A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail trade."
Please note the word REAL. As in REAL GDP (i.e. not GDPn) and REAL income, etc. I do realise that, as an accountant, you are dealing day-in, day-out, with nominal figures, but the M2 money supply in the UK and the US has doubled every 10 years. Nominally, everything is peachy. But in real terms, the modal and median incomes have declined by 25% since 2008 and by 20% since 2010. (ONS and BoE figures.)
Gross Modal Income in 2010 was £19,500. Last year it was £25,000. According to the BoE, that meant a fall of 20% in purchasing power of 20% - and that is assuming that the inflation figures are true - which they are not! The ONS even stated that food inflation in 23-24 was just 2%. We tracked 25 core grocery items, such as olive oil, rapeseed oil, vegetables, meat, etc. and we came to 20%. But that was, of course, in regular supermarkets (Lidl and Tesco) and not Fortnum & Mason!
So, when we look at the REAL economy, we see that the UK has been in a recession since 2008. This has been masked by QE and the inflation it caused. (MV=PQ=GDPn, remember!) I don't look at P - prices; I look at Q - the quantity of all goods and services.
So you can count fiat numbers all day - I'll count real numbers, measured in real productivity.
