EU Predicts UK Will Grow Faster Than Germany in 2019

Mark Carney’s latest gloomy predictions for the British economy have elicited all the usual told-you-so responses from Remainers with very short memories. The Bank of England has predicted 1.2% growth for 2019. Before the referendum Remainers said we would be deep in recession now…

There was in fact another set of 2019 forecasts also released this morning – by the European Commission. The EU actually upgraded Britain’s 2019 forecast to 1.3% – the same as France, Belgium, Sweden and the Eurozone as a whole. Struggling Germany is lagging behind on 1.1% while Italy is down on 0.2%. Despite… Brexit?

UK Fastest Growing European Country in the G7

The new quarterly GDP figures this morning reveal that EU economies are experiencing a significant slowdown in growth. The UK on the other hand is one of the few EU countries where GDP growth is higher this year than last year’s admittedly anaemic performance. It is still a staggering outcome compared to previously gloomy official forecasts.

The Bank of England is warning that the UK economy is nearing full capacity and it may have to raise interest rates. So much for the post-referendum immediate economic aftershock we were warned about.

France’s growth rate has halved on last year’s Q3 numbers, and German growth is also expected to halve from 0.8% last year to just 0.4%. On average Eurozone growth was a dismal 0.2%, a new four year low. The rest of the world is experiencing much stronger growth.

Incidentally, these figures would put the UK above all other EU countries in the G7 in terms of GDP growth quarter-on-quarter. Remainers will have to get a new catchphrase …

Britain Growing Three Times Faster Than Eurozone

The UK’s GDP growth figures for Q3 reveal that growth has shot up to a near two year high of 0.6%. Which means that Brexit Britain grew three times as fast as the stagnating Eurozone in Q3, which posted paltry growth of only 0.2% last quarter. The Remainer refrain that Britain has slumped to the bottom of the growth league is starting to look very silly…

UK GDP Growth Best in 2 Years


UK third-quarter GDP was up 0.6%. Which is the fastest growth in nearly 2 years. The Bank of England says the economy is now operating at full capacity…

Trump’s America Surging

Tax cuts boost the economy. Who knew? The American economy is booming, as figures released today show US GDP grew by a scorching 4.1% in 2017. Employment rates are the best they have been for decades, black and hispanic employment rates are the best they have been in decades. Each percentage point is equivalent to three trillion dollars, and ten million jobs.*

Before his election, ‘experts’ predicted precisely the opposite.

People in the US will have had enough of experts now. They won’t have had enough of Trump in 2020…

 

*This figure used by Trump is assumed to be over the course of 15 years.

Tory Record: More Debt, More Taxes

As is traditional in elections the Tories are warning that Labour will bring more debt and more taxes. That is a given, however what is the Tory record after 7 years?

In 2010 the Tories promised to close the deficit by 2015. They failed to do that, so Osborne shifted the goal posts to aim for 2017/18. Under Hammond the OBR now says the government is unlikely to balance the budget by 2026. If the political will had been there they could have balanced the budget; from a worse position over the same period Ireland managed to balance the budget and cut the debt. Ireland now has a lower debt to GDP ratio than the UK and a higher GDP growth rate. The repeated Tory failure to balance the budget means that the national debt continues to rise and is now 89% of GDP. The Tories have added £500 billion to the national debt in 7 years, Hammond plans to add a billion a week to the national debt under Theresa May...

Taxes have risen under the Tories. The claim by the Tories to be a low tax party has not been true this century. They raised VAT almost immediately upon coming into office. They argue they have cut business taxes, yet they raised dividend taxes on small business owners and tried to raise National Insurance contributions. To be fair it is a mixed bag, some taxes have gone up, others down. According to the OECD the overall tax-to-GDP ratio has risen from 31.5% of GDP under Gordon Brown to 32.5% under George Osborne. Taxes have risen under the Tories…

This is not to say debt and taxes would not rise catastrophically under Labour. If you want to balance the budget you have to cut spending, George Osborne used to say privately that the Tories wouldn’t get re-elected if he slashed spending. Enda Kenny cut Irish government spending by 10% and GDP growth has been much faster than in the UK. He got re-elected and is the longest serving Fine Gael prime minister in Irish history.

UK GDP Beats Predictions and Exports Up… Again!

UK GDP growth for the fourth quarter of 2016 has been revised higher this morning to +0.7%, higher than the expected +0.6%. The Office for National Statistics revealed export growth of 4.1%, which alongside a fall in imports of 0.4% means net trade added 1.3% to growth. Brexit Britain’s boom continues to defy the ‘experts’…

Bank of England Revises Up Growth Forecast, Again

The pessimists at the Bank of England slashed their growth forecasts almost immediately after the Brexit vote. The economy proved resilient, prompting an upwards revision from 0.8% to 1.4% in November. Today on the BoE’s Super Thursday the Bank yet again revises up its 2017 GDP growth forecast to 2%. Obviously this beats the predictions of all city economists. Michael Fish eat your heart out

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