GDP figures confirm economy is stagnating
The second estimate of Q2 GDP growth released today confirms that the economy expanded by just 0.2 per cent, reports IPPR senior economist Tony Dolphin.
Growth
Ex-Cabinet Office chief economist: slower cuts are “common sense”
Think tank boss, Jonathan Portes – who resigned recently as chief economist of the coalition’s cabinet office – says a longer deficit reduction period “is not only feasible, but sensible and prudent”.
Britain at bottom of growth league table
Britain is growing at the weakest rate of competitor nations. Only Japan in the G7 and Portugal in the EU are growing more slowly.
The government is failing to lay the foundations for long-term growth
The UK is less well-positioned than France or Germany to take advantage of two key changes to the world economy – the effects of technological innovation, and the rise of Brazil, Russia, India and China.
Beyond London and the East, the UK is suffering an ‘Osborne jobs deficit’
Most of the rest of the North and Midlands suffer higher than average unemployment rates, adding to a picture of a seriously unbalanced economy.
The West’s lost decade has begun
Today, US 10-year government bond yields traded below a critical 2% yield level, a record low – the west has entered a period of stagnation.
The job market is stagnating across the board
From numbers of involuntary part-time workers to vacancies per jobseeker, the job market is now clearly stagnating.
Inflation makes prospects for improved growth in rest of 2011 dim
4.4% inflation makes it unlikely that economic growth will pick up in the second half of the year. Retail sales volumes are likely to remain stagnant.
New IMF boss joins calls for Plan B
The new IMF boss, Christine Lagarde, has joined calls for a Plan B. In an FT op ed she says “slamming on the brakes too quickly will hurt the recovery and worsen job prospects”.
Osborne’s ‘safe haven’ view is delusional
Osborne’s statement to parliament on recent economic volatility was pervaded by inaccuracy, complacency and vainglory.
