Thursday, December 20, 2007
Ahhh… Gordonomics! – What a mess!
The data is evidence of a "dangerously unbalanced economy", according to Jonathan Loynes of Capital Economics. In a monthly report on government financing, the Office for National Statistics said that public sector net borrowing hit a record £11.21bn in November. Mr Loynes added that the borrowing figures suggested that the government was on track to overshoot its pre-Budget report forecast by at least £5bn this year. "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," he explained.