First published: Prospectmagazine.co.uk, 1/08/2016
And how does Britain’s performance compare?
Last week we learned that according to initial estimates, the US economy grew by just 1.2 per cent at an annual rate in the second quarter of this year. This is the same as the go-slow eurozone and half the speed at which the UK grew: our GDP rose 2.4 per cent if measured on the same basis. But before we Brits crack open the champagne, or we all get sullen over the US economy’s disappointing performance, we need to look a little more closely.
Subject to fuller data gathering and analysis, it looks as though most of the UK’s GDP rise happened in April and that things were definitely going off the boil by the time the referendum took place. In any event, as I explained last week and as others have made clear, the data sets we have had since the 23rd June point strongly to a weak economy in the third quarter of this year,….Read more