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Category Archives: government spending

Record UK trade gap

The deficit on trade in goods widened to £8.7bn in July, which is the biggest monthly figure since this current series of measurement began in 1998. This deficit compares with one of £7.5bn in June according to figures published yesterday by the Office of National Statistics. The UK’s balance of trade on goods and services also widened from £3.6bn in … Continue reading

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Government spending and crowding out

The Congressional Budget Office (CBO) in the US has just revised a forecast it made for the effect of the government deficit and debt on the crowding out of investment. They were taken to task for figures which seemed to overstate the relationship, which had given ammunition to some commentators who are in favour of severe cutbacks in government expenditure. … Continue reading

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Think tank believes UK growth will be worse than anticipated

The National Institute of Economic and Social Research (NIESR) has just launched its quarterly review of the UK economy. It actually believes that Britain will see a 1.3% increase in GDP this year, which is above the forecast of 1.2% made by the Office for Budget Responsibility. However, that is where the good news ends. NIESR forecasts that GDP will … Continue reading

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The UK could lose 1.3m jobs as a result of the Budget

Surprise, surprise! According to the Guardian, a private Treasury assessment of the planned spending cuts says that up to 1.3m jobs could be lost over the next five years. The Guardian says that it has seen a slide from the final version of a presentation for last week’s Budget, which says that: “100-120,000 public sector jobs and 120-140,000 private sector … Continue reading

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What is the matter with them?

I have just recovered from the Budget this week, as it was even worse than I had anticipated. I keep writing in my blogs that extreme austerity packages are going to damage the economy but George Osborne is just not listening. What’s the point of me writing all this if he is not taking a blind bit of notice. I … Continue reading

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Public sector borrowing fell last month

In the lull before the storm of the next Budget, official figures show that public sector net borrowing fell in May. In fact net borrowing reached £16bn, which was down by 8% on the £17.4bn recorded in May last year. Public sector net debt, shown as a percentage of Gross Domestic Product was 62.2% at the end of May 2010, … Continue reading

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Some good news from the manufacturing sector

Car production rose by 54% in May to 104,365 vehicles, and was up 62.6% over the year-to-date, according to figures released by The Society of Motor Manufacturers and Traders (SMMT). They also announced that the production of commercial vehicles also rose by an incredible 129% in May compared to the same month last year to 10,745, and was up 55.7% … Continue reading

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Mixed messages on unemployment

The unemployment rate for the three months to April 2010 was 7.9% which was an increase of 0.1%. There was an increase in the number unemployed of 23,000 to give a total of 2.47 million out of work. This is a bleak figure which looks set to become even bleaker. Particularly so, given the fact that there are 5.2 unemployed … Continue reading

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UK growth forecast lowered

The new, independent Office for Budget Responsibility (OBR) believes that UK growth will be lower than previously forecast by the last Labour government. It projects that UK GDP growth will be 1.3% this year, and 2.6% next year. This compares with the previous government’s forecast for 2010 of 3.25%.  The OBR also forecasts growth of 2.8% in both 2012 and … Continue reading

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“Even worse than we thought.”

This was David Cameron’s take on the UK’s economic situation over the weekend. He said that painful cuts would have to be made which would affect “our whole way of life”. He also added that: “Because the legacy we have been left is so bad, the measures to deal with it will be unavoidably tough …” His argument was that … Continue reading

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