Friday, Jan 23, 2009
Our Exports are not that shabby Mr Rogers
FT Alphaville: Dear Mr Rogers…
Letter from David Simmonds of RBS.
"Dear Mr Rogers,
We followed with interest this week’s media scrum around your Armageddon-esque vision of Britain....
Your contention that the UK has nothing to sell also seems exaggerated judging by the data. UK exports form a rising share of output, reaching almost 30% of GDP in 2006-07 from an average of 11% in the 1960s, 15% in the 1970s and 17˝% in the 1980s (Chart 3). The related argument that the UK no longer has any sort of manufacturing sector is similarly open to challenge. As with most developed economies, manufacturing is shrinking as a share of GDP but – even in the UK – is still larger than the financial intermediation sector. "
Posted by mountain goat @ 01:49 PM (395 views) Add Comment
2 Comments
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1. Chris said...
Astonishing that RBS OF ALL PEOPLE are challenging the economic beliefs of anyone else. 28 billion loss, need I say more.
2. enuii said...
Note as well the carefully selected use of 2006-7 figures, not 2007-8.