This is from the Bank of England Inflation Report issued this morning:
Look carefully at that dark green area that represents the growth projection. What the Bank of England are saying is that between now and June 2017 things are right now as good as they will get.
Osborne has committed the cardinal sin: he has peaked too early.
"Growth, what growth?" you may ask, and you would be right to do so.
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Well, looking at the fan chart, it looks like 2.5% growth is roughly the expectation. Which would be better than trend growth for most of the post war period.
So, all in all, pretty good growth.
Given how bad it got and the growth in the population it is dire
GDP growth is outstripping population growth, so that is not a factor – especially once you figure demographics in.
2.5% growth is better than Labour managed, and is above trend. Indeed, the BoE are estimating 3.1-3.5% for this year. How is that “dire” growth? Because it’s a Tory led government?
GDP per head is vastly less now than in 2008
Please do not misrepresent the situation
This could end up like mediaeval theologians arguing about how many angels could dance on the head of a pin. I, for one, couldn’t care less how much (or little) growth there is, as long as it is sufficient to get people back to work. That is all that matters. Growth is not some shibboleth, and it doesn’t matter, either, whether it is achieved under a Tory Government or a Labour one.
Sooner or later, we are going to _have_ to arrive at a situation of ZERO economic growth, not just in this country, but globally, because never-ending growth in the world economy is simply unsustainable. I just hope we all wake up to that fact before we abort ourselves as a species!
Zero growth is fine for me
We just need to make sure, as you say, all can share in it
30+billion in working benefits. That’s your growth. Subsidising poverty employment.
GDP per capita is lower than 2008.
The lack of GDP growth could be transferred into growth somewhere else-like quality of life, enhanced purpose, greater leisure.