The economy: On a wing and a credit card

Posted: July 4, 2013 in economy
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Egypt’s tragedy

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The economy


Britain is growing again—but in perplexing and unsustainable ways

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EVEN if he had exercised due diligence, carefully sifting Britain’s economic data before accepting his job, Mark Carney would not have spotted the scale of the task awaiting him. The Bank of England’s new governor took the helm on July 1st. Just four days earlier Britain’s national statistics were revised to show an economy much further from its peak than previously thought. Worse, gathering hopes that a hesitant recovery will endure are pinned on a growth model that has been proven not to work.

Britain’s economic slump has been exceptional in two ways. First, the scale of the crash. The Office for National Statistics reckons the peak-to-trough fall in GDP was 7.2%, far bigger than in any other post-war recession. Second, the economy has bobbed up and down since then, going sideways while other big …

via Economic Crisis


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