Osborne claims, in his usual boasting way,That the uk economy is firing on all cylinders,
Lagarde” from the IMF,Gently reminded him that the export cylinder was not performing to well.
Facts rather than glib newspeak, tell the story.
In April non EU exports Fell 11% some £1.5 billion. Imports exceeded exports by £3.7 BILLION. P. Shaw an economist in the city said” As a proportion of GDP the current account position in Q3 and Q4 represent the two largest quarterly deficits in the history of the uk, This sits uncomfortably with the hopes of rebalancing the economy,” What happened to the exports to the BRIC nations.?
Madame Lagarde could have pointed out some other engine failures at the same time.
1 The GDP as a whole is still 1.4% below the pre downturn level. whilst the service sector has recovered to the pre 2008 level, the production industries are still…
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