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jaseywasey

Shock figures reveal Britain is half a TRILLION pounds poorer than thought

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Shock figures reveal Britain is half a TRILLION pounds poorer than thought

  • The ONS quietly published a massive review of the national accounts last month
  • It burst into view today exposing a £490billion write down in Britain's wealth
  • No 10 played down the figures and said the UK economy remained strong

Almost half a trillion pounds has been wiped off the nation's wealth after the statistics watchdog reviewed accounts for the past 30 years, it emerged today. 

The Office for National Statistics said the Britain's stock of wealth was not in £469billion of surplus as previously thought but a deficit of £22billion.

The extraordinary write down of £490billion was greeted with horror by some city analysts today warning it could cause a new slump in the pound. 

They said a slump in foreign companies in Britain would make the situation worse.........


...... Mark Capleton, UK rates strategist at Bank of America, said: 'Half a trillion pounds has gone missing.

'This is equivalent to 25 per cent of GDP.'.........

 

Read more: http://www.dailymail.co.uk/news/article-4984798/Half-TRILLION-pounds-wiped-Britain-s-wealth.html#ixzz4vhx9z7e8 

 

This surely must be the final straw that breaks Sterling's back
 

Edited by jaseywasey

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If we move on from the click bait and scaremongering the end of September saw not only the usual annual revision of the UK national accounts but also the result of some “improvements”. The latter do not happen every year but they are becoming more frequent as it becomes apparent that much of our economic data is simply not fit for purpose. Part of the issue is simply that the credit crunch has put more demands on the data with which it cannot cope and part of it is that the data was never really good enough.

https://notayesmanseconomics.wordpress.com/

I do not mean to be critical of individual statisticians many of whom no doubt do their best and work hard. But sadly much of the output simply cannot be taken at face value.

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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