Archive for the GDP Category

It is the private sector, not the state, that has enabled America’s economic recovery

It is the private sector, not the state, that has enabled America’s economic recovery

The American economy continues to power ahead. The widely respected and independent Congressional Budget Office (CBO) reckons that the actual level of GDP in the US in 2017 is finally back at the level of potential output. The potential level of GDP is the amount of output

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The OBR’s forecasts should be taken not just with a pinch of salt, but with the contents of an entire mine

The OBR’s forecasts should be taken not just with a pinch of salt, but with the contents of an entire mine

There has been a great deal of crowing in metropolitan liberal circles over the report of the Office for Budget Responsibility (OBR), published with the Budget last week. The OBR revised downwards its projections for GDP growth for each of the next five years. Annual average growth

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There’s a difference between priceless and worthless, but economics can’t measure it

There’s a difference between priceless and worthless, but economics can’t measure it

The so-called “productivity puzzle” just does not go away. The October, employment figures released by the Office for National Statistics (ONS) brings it into focus. The number of people in work rose to a new record high of 32.1m, with an increase of around one per cent

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Cautious corporates sitting on hoards of cash are to blame for our slow recovery

Cautious corporates sitting on hoards of cash are to blame for our slow recovery

The slow recovery since the financial crisis remains a dominant issue in both political and economic debate. The economy has definitely revived since 2009, the depth of the recession, in both Britain and America. The average annual growth in real GDP has been very similar, at 2.0

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Does the productivity gap actually exist?

Does the productivity gap actually exist?

Whoever wins the election tomorrow will have to grapple with what appears to be a fundamental economic problem. Estimated productivity growth in the UK is virtually at a standstill. The standard definition of productivity is the average output per employee across the economy as a whole, after

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Don’t believe the myths: Capitalism has performed well since the financial crisis

Don’t believe the myths: Capitalism has performed well since the financial crisis

Ten years ago, the financial crisis began to grip the Western economies.  During the course of 2007, GDP growth slowed markedly everywhere. By the end of 2008, output was in free fall. A key theme in economic commentary is the sluggishness of the subsequent recovery of the

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Government debt addiction means you can be sure of one thing: Stealth taxes will rise

Government debt addiction means you can be sure of one thing: Stealth taxes will rise

Elections create uncertainty. But we can be sure of one thing. Regardless of the result, during the course of the next Parliament, stealth taxes will rise. This week, we have a sharp rise in speeding fines. Even doing between 31 and 40mph in a 30mph zone can

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Britain’s debt dilemma: Not too high, not too low or the UK economy risks disaster

Britain’s debt dilemma: Not too high, not too low or the UK economy risks disaster

The Bank of England Financial Policy Committee (FPC) has signalled that it has become worried again about debt. Its specific focus is households.Consumer credit, for example, grew by 10 per cent during 2016, far faster than the economy as a whole. A lot of household debt is in

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There’s substance to the Trump team’s trade critique of Germany and the Eurozone

There’s substance to the Trump team’s trade critique of Germany and the Eurozone

President Trump’s administration has made many criticisms of Germany. One of the more important was by his top trade advisor, Peter Nabarro. He accused the Germans of using a “grossly undervalued” Euro to “exploit” its trading relationship with America. The complaint that when the Euro was formed

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Claims that a low tax, low regulation UK would be a disaster are rubbish

Claims that a low tax, low regulation UK would be a disaster are rubbish

Dame Minouche Shafik, Deputy Governor of the Bank of England, is leaving to become Director of the London School of Economics.  Last weekend, she gave her final interview wearing her Bank hat. Shafik issued what was described in the media as a “thinly veiled warning” to the

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