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Fiddling while Rome burns
Today the ONS released the latest quarterly GDP figures, indicating that the British economy had grown by 0.2 per cent in the second quarter of 2011. The ONS estimated that growth could have been...
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EU trade benefits fantasy
Last month we saw how BIS and DfID used an inappropriate formula to calculate the EU’s economic benefits, and how leading Coalition politicians are using these figures unquestioningly. To demonstrate...
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UK behind leading European competitors in R&D spending
The Office for National Statistics released the above graph yesterday. Note that it takes time to compile and release R&D data so the release yesterday pertains to 2011 with the 2012 figures to be...
View ArticleTwo quarters of non-negative growth
The first estimate of GDP for the second quarter of 2013 is above the first quarter. Since 2010 there have been signs of a seasonal pattern, as successive quarters were higher, lower, higher, lower,...
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A healthy economy needs a dynamic manufacturing sector
Previously, I blogged on the importance of manufacturing’s contribution to GDP. I argued that the small size of manufacturing’s GDP contribution relative to that of services is actually a sign of the...
View ArticleLessons from abroad? Elections in Australia & Norway move health policy
Over the weekend, Australia brought Tony Abbott and his conservative Liberal-National coalition to power after six years in the cold. Key issues in the election were the economy, the deficit, asylum...
View ArticleMade in Britain? Not without bolder state support for industry
On the face of it, last week’s GDP update was great news, allowing George Osborne to proclaim that the UK was on the path to prosperity. Of course this growth was welcome, if belated, but there is a...
View ArticleA day of good news for the Government: GDP, unemployment and trade – all on...
There are a number of positive signs for the UK economy this week. The first is GDP growth, which is now forecast by the IMF to reach 2.4% in 2014 and 2.2% in 2015, indicating a renewed momentum from...
View ArticleThe economy is showing some growth beyond the property bubble
The preliminary GDP estimate for the first quarter of 2014 revealed growth. The economy shows gross value added during the quarter, at constant prices, £10 billion greater than a year earlier. It...
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