First published:Prospectmagazine.co.uk, 27/10/2016
New ONS figures tell us where we have come from—not where we are going
Now we know. Project Fear did live up to its name—insofar as its post-referendum economic forecasts were concerned. While the Treasury had predicted that the economy would stall, the first “hard” economic evidence published today by the Office for National Statistics shows that the economy (or GDP) rose by 0.5 per cent in the third quarter of this year, or 2 per cent annualised: 2.3 per cent higher than a year ago. This means that a long-term trend in which UK economic growth has been plus or minus 2 per cent continues. So, no change there then.
But as always there are caveats….Read more: