Whenever Gordon Brown’s favourite former appointee to the Bank of England’s Monetary Policy Committee, David Blanchflower, makes a prediction, it’s probably a safe bet to expect the exact opposite to come true. Back in 2009 the out-of-luck economist looked into his evidently faulty crystal ball and predicted that unemployment would top 5 million if the Tories came into power. As of yesterday it stands at 2.53 million and falling. David is very nearly 100% wrong – quite a wide margin of error.
He forecast that unemployment would surge past 3 million to 3.4 million in 2010. It peaked at 2.5 million in 2010.
On Tuesday Blanchflower was at it again, wagering that the new set of unemployment figures would bring bad news:
Lo and behold once again the opposite happened, with unemployment dropping by 50,000 to below 8%. Keep trying David, you might get one right eventually…