Gross Domestic Product fell by 5.6% in the second quarter after 4.9% in the first quarter of the year. NIESR figures had suggested a deterioration in performance into the second half but the initial estimate of 5.2% fall was a little optimistic. On a quarter by quarter basis, the fall was 0.8% following a fall of 2.4% in the previous quarter. Compared to the prior two recessions, it is now clear the recession is far worse than the modest downturn of 1990 and is even surpassing the severe rec... Read Full Story
Gross Domestic Product fell by 5.6% in the second quarter after 4.9% in the first quarter of the year. NIESR figures had suggested a deterioration in performance into the second half but the initial estimate of 5.2% fall was a little optimistic. On a quarter by quarter basis, the fall was 0.8% following a fall of 2.4% in the previous quarter. Compared to the prior two recessions, it is now clear the recession is far worse than the modest downturn of 1990 and is even surpassing the severe rec... Read Full Story
Retail sales in June were up by 2.8% in volume terms compared to prior year and up by just 2.5% in value according to the latest data from the Office for National Statistics. The British Retail Consortium (BRC) claimed the latest data confirmed the BRC's results for June, suggesting sunshine, barbecues and clearance sales boosted June's spending.BRC retail sales had increased by 1.4% on a like for like basis. Food sales were helped by the hot sunny weather as the UK dusted off the barbecues.... Read Full Story
Retail sales in June were up by 2.8% in volume terms compared to prior year and up by just 2.5% in value according to the latest data from the Office for National Statistics. The British Retail Consortium (BRC) claimed the latest data confirmed the BRC's results for June, suggesting sunshine, barbecues and clearance sales boosted June's spending.BRC retail sales had increased by 1.4% on a like for like basis. Food sales were helped by the hot sunny weather as the UK dusted off the barbecues.... Read Full Story
Keynes led us to believe the economy is like a fruit machine. Input the stimulus, pull the lever, the wheels spin and the jackpot of growth, falling unemployment and stable prices can be achieved.Furthermore, models of the economy and the econometrics within are now so sophisticated, given a set target for growth and jobs, the required stimulus can easily be estimated. According to the Christine Romer, Chair of the Council of Economic advisors in the Obama administration, the arithmetic of r... Read Full Story
Keynes led us to believe the economy is like a fruit machine. Input the stimulus, pull the lever, the wheels spin and the jackpot of growth, falling unemployment and stable prices can be achieved.Furthermore, models of the economy and the econometrics within are now so sophisticated, given a set target for growth and jobs, the required stimulus can easily be estimated. According to the Christine Romer, Chair of the Council of Economic advisors in the Obama administration, the arithmetic of r... Read Full Story
Government borrowing in June was £13 billion compared to £7.5 billion in June 2008. In the first three months of the year public sector net borrowing was £41.2 billion. This is some £20 billion higher than in the same period of 2008/9 and £ 5 billion higher than the whole of 2007/8.Figures for April and May have been revised to the down side and June is below anticipated levels. Nevertheless, the Chancellor remains on track to hit the £175 billion borrowing target for the year. At the end of... Read Full Story
Government borrowing in June was £13 billion compared to £7.5 billion in June 2008. In the first three months of the year public sector net borrowing was £41.2 billion. This is some £20 billion higher than in the same period of 2008/9 and £ 5 billion higher than the whole of 2007/8.Figures for April and May have been revised to the down side and June is below anticipated levels. Nevertheless, the Chancellor remains on track to hit the £175 billion borrowing target for the year. At the end of... Read Full Story
“I have said on numerous occasions that the recession would last roughly 24 months. We are 19 months into that recession. If, as I predicted, the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Nouriel Roubini - Dr Doom speaks on the USA.“Last year I argued that this will be a long and deep and protracted U-shaped recession that would last 24 months. The consensus argued this would be a short and shallow V-shaped 8 months long recession a... Read Full Story
“I have said on numerous occasions that the recession would last roughly 24 months. We are 19 months into that recession. If, as I predicted, the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Nouriel Roubini - Dr Doom speaks on the USA.“Last year I argued that this will be a long and deep and protracted U-shaped recession that would last 24 months. The consensus argued this would be a short and shallow V-shaped 8 months long recession a... Read Full Story
