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Britain’S Seven Years Of Famine End As Recovery Powers On

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http://www.bloomberg.com/news/2014-07-20/britain-s-seven-years-of-famine-end-as-recovery-powers-on.html

Britain’s years of famine may be over.

The economy probably grew for a sixth consecutive quarter in the three months through June, returning gross domestic product to levels last seen before the financial crisis. Output this year is on course to surpass its 2007 peak, ending an era that Bank of England officials used to describe in biblical terms as “seven lean years” following “seven years of plenty.”

Britain’s revival may provide a fillip to Prime Minister David Cameron as he seeks re-election next year, and heap pressure on BOE Governor Mark Carney to begin removing emergency stimulus. While policy makers have resisted lifting interest rates from a record low, there’s a 40 percent chance one of them voted for an increase this month, according to BNP Paribas SA.

“The story continues of a pretty consistent and fast rate of growth,” said David Tinsley, a former BOE official who’s now an economist at BNP Paribas in London. “Policy makers will need to think about tightening. We’re getting close to the point where the first MPC member votes for a hike.”

Will people link the increasing of interest rates to the triggering of a recession....

Still at least the recovery is gaining traction.... Not like there's an election coming up...

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All off the back of a sub-prime tax payer funded low volume government deposit backed mega property bubble.

If it looks like a ponzi, smells like a ponzi and tastes like a ponzi...it's a ponzi.

How can it possibly go wrong?

Edited by TheCountOfNowhere

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Wonder how much imputed rents contribute to the current GDP figure? All very well talking about economic output now at previous peaks, but when an increasing fraction is a quantity that is manipulated in a highly questionable fashion without apparent obvious reasons it is fair to be sceptical.

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