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advert news from the ailing physique that’s the UK economy . GDP fell by 0.1% in May, which implies growth has been flat for the final quarter.
The economic system is “listless”, says Samuel Tombs at Pantheon Macroeconomics. Every sector of the economic system is both flat or shrinking, whereas inflation of practically 9% is greater than 4 times what it’s purported to be.
The motive that is unhappy, in line with policymakers, is that these numbers are nothing like unhealthy sufficient. Like doctors within the Middle Ages, they suppose the leeches they’ve been making use of should not working sufficiently and are ordering up an additional dose.
Chancellor Jeremy Hunt thinks inflation is the primary drawback — you and I simply have approach an excessive amount of cash.
The leech-meister normal mentioned at the moment: “The best way to get growth going again and ease the pressure on families is to bring inflation down as quickly as possible. Our plan will work, but we must stick to it.”
Inflation isn’t good, however since it’s plainly exterior the management of Hunt and the Bank of England one wonders what the purpose is of constant to use the identical outdated medication. In America and different main international locations, central banks have both already moved to cease placing charges up or are shifting in that path. The fools.
If you suppose your life is tough sufficient already, you’re incorrect. The medical doctors say it must worsen nonetheless, for the great of the remainder of us.
If you’re inclined to suppose they’ve made an almighty hash of the entire enterprise that simply exhibits you don’t realise how good for you a recession shall be in the long term.
The good news is, there’s one within the submit.
