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British Economy Grew At Fastest Pace Last Year Since 2007 - Niesr

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http://uk.reuters.com/article/2014/01/10/uk-britain-economy-niesr-idUKBREA090PD20140110

LONDON (Reuters)- Britain's economy grew at its fastest pace since 2007 last year, despite a slight slowdown in growth in the final three months, a leading economic research body estimated on Friday.

The National Institute of Economic and Social Research said Britain's economy grew by 0.7 percent in the last three months of 2013. This is slower than the 0.8 percent recorded in the third quarter but enough to lift full-year growth to 1.9 percent and above the Bank of England's 1.6 percent November forecast.

Britain's economy grew by just 0.3 percent in 2012, and if NIESR's estimate for 2013 is correct, it would be the fastest rate of growth since the start of the financial crisis.

Yeah recovery!

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http://uk.reuters.com/article/2014/01/10/uk-britain-economy-niesr-idUKBREA090PD20140110

Yeah recovery!

[/quote

So, as long as we can borrow from the wealthy with promise to repay with interest... and as long as long as we're, collectively, current on our payments... or at least there is collateral (our homes, basically) worth their seizing... then, by the modern, Reagan/Thatcherite definition, order has been restored and it's a "good" economy... So now that loans are being made again against real collateral, and regular folk are on the hook to repay, everything must be good.... yay!! :rolleyes:

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I love the way these reports gloss over trivia like interest rates at 300 year lows and the billions in QE that have been required to achieve this 'growth'.

Besides that how to explain that while this good news is unfolding in the realm of statistics real people in the real world seem to be getting poorer.

Of course the joke now becomes exactly what criteria Carney will come up with to justify his current interest rate policy if those statistics continue to look good- maybe it will be something like 'When a neutered goat bleats thrice when the moon is full on the 15th day of the month'-

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During Thatcher's time they nearly always used to preface NIESR's reports by saying the "right wing" NIESR.

Just recently they were called the "independent" NIESR - not in the OP link report.

This time it's "a leading economic research body".

Make your own mind up.

At least the LibDems can congratulate themselves on being part of the government being given the thumbs up on the economy by what used to be called a "right wing" organisation.

Edited by billybong

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During Thatcher's time they nearly always used to preface NIESR's reports by saying the "right wing" NIESR.

Just recently they were called the "independent" NIESR - not in the OP link report.

This time it's "a leading economic research body".

Make your own mind up.

At least the LibDems can congratulate themselves on being part of the government being given the thumbs up on the economy by what used to be called a "right wing" organisation.

I do know one of NIESR's leading lights, Johnathan Portes, was an economic advisor to Gordon Brown/New Labour... I'm sure we'll all have our own opinion on whether that makes him right or left wing :)

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From Wikipedia.

http://

en.wikipedia.org/wiki/Jonathan_Portes

Jonathan Portes (born 18 April 1966) is a British American economist.

It's a brief entry in Wikipedia - but from the CV link it seems he's mainly been a civil servant in the US and UK.

Currently:

Director of the National Institute of Economic and Social Research.

and previously:

Previously, he was Chief Economist at the Cabinet Office, where he advised the Cabinet Secretary, Gus O’Donnell, and

Number 10 Downing Street on economic and financial issues

Enough said.

He advised those who got the UK economy into the devastated mess it's in now. NuLabour's pre-election scorched earth policy (Phase 1 scorched earth before the Coalition's current pre-election Phase 2 scorched earth) - and his opinion is still being broadcast :o

.

http://

niesr.ac.uk/blog/migration-and-trade#.UtCmErTn3IU

Migration and trade

"I think politicians do have to say to individuals who are negatively affected, and let's face it there will be some: 'Yes, we're doing this for the good of our country, and yes you may lose out, but ultimately we still have to do this.' "Just as we said to the coal miners 30 years ago: 'Sorry we can get our coal a lot cheaper abroad. We can't afford to keep on propping you up.'

...

...

They're doing it for the good of the country? Just like they were saying in the days of the "entrepreneurial society" and just look where the UK is now for goodness sake - utterly devastated struggling along with a base rate at the lowest level in the BoE's history.

Yet again his opinion is without substantiating facts and figures. Let's have some facts, figures and details - not just meaningless civil service waffle. It's incredible that opinions like that can just be broadcast without any supporting facts and figures.

More like good for a few VIs - and most likely including himself.

/\ Why does the UK have to keep propping up people like that.

He'll not be losing out will he? No wonder the UK is on the down slope.

Edited by billybong

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