I’m in Brussels today, so no time for a proper update but…
Oct. 23 (Bloomberg) — U.K. gross domestic product unexpectedly dropped in the third quarter as enduring slumps in services, manufacturing and construction kept the economy mired in its longest recession on record. The pound tumbled.
Gross domestic product dropped 0.4 percent from the previous three months, the Office for National Statistics said today in London. Economists predicted a 0.2 percent increase, according to the median of 33 forecasts in a Bloomberg News survey. None forecast a contraction. The economy has now shrunk over six quarters, the most since records began in 1955.
I only question the word ‘unexpected’. If anything the numbers are in line with the Treasury forecasts from thr Budget of growth ‘returning at the end of the year’.
Surely, in light of the above, now is not the time to be discussing cutting back on support for the economy?