The attempt by the Tory-led government to talk up recovery in the wake of the latest GDP data is entirely predictable. But the gulf between the propaganda and the reality of the British economy is now so wide that stagnation is being redesignated as recovery. In the first estimate for the 4th quarter Britain’s GDP grew […]
Posts Tagged ‘Economic recovery’
Like Pinocchio’s nose, government fibs about the ‘recovery’ get bigger and bigger
Jan 29th, 2014 by Michael Meacher.Osborne’s latest boast is that Britain’s GDP grew by nearly 2% in the year to last September, showing a strong recovery from the two previous years when the economy barely reached 1%. This is highly misleading for several reasons. Will it be sustained when it is based on the fragile foundations of consumer borrowing and […]
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When is a recovery not a recovery?
Dec 15th, 2013 by Michael Meacher.No recovery worth its name is unsustainable. There are basically four elements which provide both the necessary and sufficient conditions for economic sustainability: business investment, wages, productivity, and exports. On all four counts the current evidence is decidedly negative. Business investment still remains 6.3% below its 2012 level. Wages growth at 0.8% still lags behind […]
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A ‘recovery’ without legs will soon topple over
Sep 2nd, 2013 by Michael Meacher.Just about everything about this so-called UK economic recovery is wrong. It’s not just today’s report from the Resolution Foundation that the lop-sidedness of the labour market is becoming entrenched, with bonuses to the City financial and insurance sector rising to £14bn this year while the pay of those in the bottom fifth, mainly women […]
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Can Britain’s recovery be sustained?
Aug 26th, 2013 by Ann Pettifor.All around there are signs of recovery. One can almost hear the sound of champagne bottles popping and fireworks crackling in the Westminster village. Indicators are improving. Commentators are reassessing the chancellor, whose reputation for economic management had plunged, causing his stock to fall amongst his Conservative colleagues. Now they can’t resist giving him a positive ‘thumbs […]
