Duncan’s Economic Blog

Britain and the Markets, plus under-reported news

Posted in Uncategorized by duncanseconomicblog on April 16, 2009

Fraser Nelson claims that ‘the markets’ view Britain as some sort of dysfunctional economy tottering on the edge of national collapse.

Call me strange but I prefer to seek ‘the markets’ view from Bloomberg rather than the Spectator.

‘Pound Makes Britian No Basketcase as Brown Trails’.

As fair a summary as any.

What does interest me – given that the IMF’s forecast that Britain would have the worst recession of any G7 country was front page news is this:

Britain’s economy will shrink less than the U.S. and Europe this year, the Organization for Economic Cooperation and Development said on March 31. The U.K. will contract 3.7 percent, compared with 4.1 percent in the 16-nation euro-region and 4 percent in America, the Paris-based OECD said.

Now that’s a nasty recession but not the worst in the G7.

(And, to be clear, I personally do not welcome the pound’s rebound).

5 Responses

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  1. donpaskini said, on April 16, 2009 at 8:38 am

    Hi Duncan,

    Fancy critiquing Frank Field, another Spectator columnist?

    http://www.spectator.co.uk/the-magazine/the-week/3540376/politics.thtml

    • duncanseconomicblog said, on April 16, 2009 at 8:52 am

      I think I might…

  2. Paul said, on April 16, 2009 at 1:36 pm

    that article is outrageous.

    “It is difficult to overdramatise the danger that is engulfing our country. In some ways our position is more precarious than in 1940 when we stood alone against the Nazi tyranny. ”

    I am getting very peeved at the media in regards this recession. take JP morgans results announced today – the BBC spins it as “Profits fall” – wouldn’t another take be that 2.1bn profit in the first quarter is a good thing for a bank????

  3. charliemarks said, on April 17, 2009 at 5:30 am

    When people like Nelson say “the markets” I can’t help thinking this is a synecdoche – like the Crown for the Queen or Number 10 for the PM’s office…


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