Quote of the day 29th July 2024

(Central to Labour's election campaign was) 

"a promise to get Britain's economy growing faster than any other G7 country's. Muddying the picture somewhat, however, is the fact that" ... "this milestone may already have been passed - under the Tories.

Britain has resoundingly bounced back from its brief recession in late 2023, and at a speedier pace than most forecasters expected. The economy grew by around 1.1% 1.1% (a 2.3% annualised rate) over the first half of 2024. That compares with 0.8% or so for America and Canada over the same period, and 0.3% to 0.5% for France, Germany and Italy. Throw in Ja[an's lacklustre numbers and Britain is likely to have outpaced the rest of the G7 over the final months of Rishi Sunak's Premiership."

"The economy seems to be doing fine for now. The stronger  showing complicates Labour's narrative that its' inheritance has been uniquely dire."

"Labour needs the economy to grow faster if living standards and public services are to improve. Just don't expect it to admit an upswing was already under way."

(The Economist, extract from an article called "Is Britain's economy finally moving" in this week's issue.)

 


 

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