UK growth for the second quarter has flatlined at 0.2% once again the poor news is explained away by the Royal Wedding and an extra bank holiday. The Chancellor try to herald the "good news" as a sign that UK is stable admist the storms in the Eurozone.
The Shadow Chancellor Ed Balls said the news was dismal and wasdue to the Chancellor cutting too fast and todeep. Inflation, job and wage cuts are affecting real families and they are experiencing real hardship.While the service industry and construction rose by 0.5% compared to the first quarter, production fell by 0.7%.
The first quarter of this year saw growth at only 0.5%. The tax rises and budget cuts has knocked out 100's Billions of pounds of demand out of the economy. With inflation nearing 5% the Bank of England has resisted calls for interest rate hike from 0.5%. With many mortgages, personal and business loans tied to the central bank rate, the move will spare households the lost of more hard earned money , after the taxpayers had to bail out failed bankers.
No comments:
Post a Comment
The views expressed are solely yours. You are fully responsible for any content which you have posted to this blog, and any consequences thereof. We ask that comments are civil and free of libellous or hateful material.
As ever, Anguilla-United Kingdom Association welcomes constructive comment especially on this subject. Please understand that comments may be moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
If readers wish to report offensive comments, suggest a correction or share a story or an article, then please email: anguillians@yahoo.co.uk