UK 2Q GDP surpasses all expectations - Fastest Pace In 4 Years

michaels

I wonder if this was the real reason for the delay in publishing the GDP figures a couple of weeks ago - it doesn't suit the condems so I wonder if they asked for calcs to be checked?

Interestingly for those saying this should improve the fiscal picture, the PSBR was worse than anticipated for June.

In terms of house prices who knows - stronger growth obviously brings forward the probability of interest rate rises on an already weakening market but also paints a brighter picture for employment and earnings...

ess0two

Blacklight wrote: »

I can't believe we only have one thread on this. If if was -0.1% the place would be flooded with identical posts.

Bad news is good news on this sub forum,its amazing some of the negatives pulled from the article.

StevieJ

tomterm8 wrote: »

The spending "cuts" so far... roughly 10 billion, are insignificant on a macroeconomic level. 20 billion is also insignificant, we've reduced the projected deficit by more than that simply by growing a lot faster than forecast for the last two quarters.

I always laugh when they come out out with that tale of inheriting a worse than expected set of books when everywhere you look it is better ( monthly borrowing figures, growth, unemployment etc), Clegg slipped that one in at question time again admittedly in a embarrassed hushed voice

Thrugelmir

michaels wrote: »

Interestingly for those saying this should improve the fiscal picture, the PSBR was worse than anticipated for June.

And May was better than forcast. Some figures can only be compared on a like for like basis on an annual basis.

StevieJ

Really2 wrote: »

Did they? I was not aware the torys said they were not going to make cut.

But we all have to admit what Labour said they were going to do and what was actually planed were two very different things.:eek:

I don't want a debate on the ins and out of who did what, politics is messy. Lets just enjoy the good news on the economy and lets hope it continues.:beer:

Just a memory jog

"On Thursday, Cameron conceded in an interview with the BBC business editor Robert Peston at Davos that making cuts too early could have the effect of jeopardising economic recovery. The truth is that Cameron is significantly more nervous than Osborne about spending cuts. Indeed, his comment didn't go down at all well in his No 2's office because Cameron appeared to be endorsing Labour criticism of the Tory economic policy. And yesterday, making a speech to British businessmen, he widened the fissure with Osborne by insisting the cuts did not have to be 'particularly extensive'."

http://conservativehome.blogs.com/thetorydiary/2010/01/the-tories-dip-in-polls-as-cameron-sounds-an-uncertain-trumpet.html

Really2

StevieJ wrote: »

Just a memory jog



http://conservativehome.blogs.com/thetorydiary/2010/01/the-tories-dip-in-polls-as-cameron-sounds-an-uncertain-trumpet.html

That still says cuts?:)

what did labour do?
http://www.timesonline.co.uk/tol/news/politics/article6591262.ece

The chancellor has abandoned plans for a comprehensive spending review, which should have been held this year, until after the general election.

The move is designed to wrong-foot the Conservatives who have conceded that they will cut spending if they return to government.

The delay in producing detailed figures will anger the government’s critics, who have accused Gordon Brown of lying over Labour’s true intentions. This will be seen as a further example of government dishonesty

Lets say one party admitted cuts a bit more than another one.;)
(we all know if labour did admit what they were going to do they would have lost even more core voters)

tomterm8

Really2 wrote: »

You could look that 25% is only 1% more per year over the period also.

Quite simply, what you are saying is not reflected in the treasurys budget statement.

In addition, the tory government has not yet announced the details of its spending cuts, it has only announced that departments are being asked to prepare two plans - one for cuts of 25% and one for 40%.

The tory plans are to carry out basically ALL the labour cuts, frontloaded, and in addition increase tax by more than the labour party, and reduce benefits by more than the labour party.

chucky

tomterm8 wrote: »

Quite simply, what you are saying is not reflected in the treasurys budget statement.

In addition, the tory government has not yet announced the details of its spending cuts, it has only announced that departments are being asked to prepare two plans - one for cuts of 25% and one for 40%.

The tory plans are to carry out basically ALL the labour cuts, frontloaded, and in addition increase tax by more than the labour party, and reduce benefits by more than the labour party.

basically they're looking at an engineered recession

Really2

tomterm8 wrote: »

Quite simply, what you are saying is not reflected in the treasurys budget statement.

In addition, the tory government has not yet announced the details of its spending cuts, it has only announced that departments are being asked to prepare two plans - one for cuts of 25% and one for 40%.

The tory plans are to carry out basically ALL the labour cuts, frontloaded, and in addition increase tax by more than the labour party, and reduce benefits by more than the labour party.

Labour were planing 20% real cuts from non ring fenced departments. they just did not tell voters.:eek:

It is in black and white above.
They called off a spending review to hide it untill after the election.

And finally who was steering the ship and putting the country in a massive fiscal deficit from 2002 onwards. Making our response to recession much worse had they actually dealt with previous spending responsibly.

I can't understand anyone defending labour and ignoring why we are here in the first place.:eek:
is like having a bankrupt telling everyone he is the best man to work out his spending and repayments for the future.:D

The people who get their selves in to trouble dont see the error of their ways and need others help to get them back on track.
Labour are out because they screwed the country up, you cant pin that on anyone else!!

StevieJ

chucky wrote: »

basically they're looking at an engineered recession

Yes certainly got a 1979 feel to it, VAT up, loadsacuts , unemployment due to rise and tax cuts to come for the cronies