Guido is working on some troublemaking, but worth noting the pointless announcements today. The Bank of England said growth will be 3.4% in 2011 while Osborne’s OBR say it will be 2.3%. Low economic growth and inflation rising. Fun times.
Douglas Carswell hits the nail on the head:
“Government prints off vast quantities of new money and gives it to the big banks. Banks then start to make vast (paper) profits again, while inflation rises. I’m not sure we needed a Bank of England forecast to tell us that would happen. The soothsayers should instead be telling us what happens when polices based on stimulating over consumption and running up more debt fail to solve an economic mess caused by over consumption and debt.”
Slightly more cheery news that unemployment has fallen again in the last quarter, by 49,000. The Beeb don’t seem too happy about this, and can barely contain their frustration that job market is “yet to weaken”. The Treasury is spinning that this is the fastest rise in employment since 1989.