Michael MeacherMp Blog

Tomorrow’s central forecast of a 0.6% upturn in the second quarter of this year, on top of 0.3% in the first quarter, will certainly be milked by Cameron-Osborne for all it’s worth. But is it worth that much? It could well be said that after 4 years of interest rates on the floor at 4% plus no less than £375bn-worth of quantitative easing (electronically printed money distributed to banks), a growth of less than 1% in the first half of the year is distinctly disappointing. Even if the 1% growth rate were achieved, it would still leave the British economy 3% below its level at 2008, and it’s highly unlikely that even this very modest rate of growth will be maintained for the rest of the year. And manufacturing and construction are down, and exports have still not lifted. Some recovery! READ MORE CLICK HERE