In July the ONS gleefully rushed out some figures that showed the economy contracted by 0.7% in the second quarter of the year. This pushed us into a "double dip" recession. The figures were seized upon by the media and it was trumpeted that the Government's strategy was all wrong and not working.
Lots of experts questionned the figure at the time as it made no sense in the context of other econo...
Lots of experts questionned the figure at the time as it made no sense in the context of other econo...
mic data - employment was rising strongly and unemployment is now back to pre recession levels.
Last month the ONS were humiliatingly forced to admit that they over estimated the recession of the second quarter by 29%! This was barely reported by the media, especially the BBC.
Today, in a further humiliation, the ONS were forced to admit that they over estimated the second quarter recession by a whopping 44%! Most experts agree that the new figure is still highly doubtful. Needless to say the new figures have had hardly been mentioned in the media and were not featured at all on the BBC six o'clock news!
It's no wonder the economy is in a mess - if I ran my business like that and told my bank manager how much I'd made in the second quarter, only to slash it by 44% three months later, quite rightly, he'd ask me if he could rely on any of the figures and certainly wouldn't lend me any more money!
Last month the ONS were humiliatingly forced to admit that they over estimated the recession of the second quarter by 29%! This was barely reported by the media, especially the BBC.
Today, in a further humiliation, the ONS were forced to admit that they over estimated the second quarter recession by a whopping 44%! Most experts agree that the new figure is still highly doubtful. Needless to say the new figures have had hardly been mentioned in the media and were not featured at all on the BBC six o'clock news!
It's no wonder the economy is in a mess - if I ran my business like that and told my bank manager how much I'd made in the second quarter, only to slash it by 44% three months later, quite rightly, he'd ask me if he could rely on any of the figures and certainly wouldn't lend me any more money!
No comments:
Post a Comment