Thursday, Dec 20, 2007
Nero fiddles whilst Rome burns .....
The Guardian: Black hole in Britain's public finances deepens
A bit more irresponsibility to come no doubt, increasing the chance of that hangover;
"While consumer spending rose by 1.1% in the third quarter - the fastest rate for over a year, the saving ratio fell to 3.4% from 4%."
However;
"Mortgage lending saw the first year-on-year fall for more than two years as lending last month dropped 8% to £30.7bn"
And ooopps;
"This morning's flurry of UK data paints a worrying picture of a dangerously unbalanced economy," said Jonathan Loynes at Capital Economics. "Overall, a pretty ugly picture, supporting our view that the coming economic slowdown will be a prolonged period of adjustment rather than a short pause for breath like that seen in 2005."
Posted by jonathan @ 12:02 PM (354 views) Add Comment
2 Comments
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1. cyril said...
According to the article the current account gap leapt to all-time high of £20bn, equivalent to 5.7% of UK growth.
I think you mean 5.7% of GDP.
If I was feeling charitable I would think this is a typo, but actually I don't think the staff at the Guardian know what GDP is.
2. it_is_going_with_a_bang said...
That would indeed make them experts .....