There were no big surprises in today’s Office for National Statistics’ 2nd estimate of UK GDP for the first quarter of 2015 – except on the part of those who expected it to be higher than the first. The economy “grew” 0.3% from Q4 2014, and compared to Q1 2014 it was 2.4% up (unchanged). Services’ output continued to rise while production was stagnant and construction output fell. The trade gap widened, and this had a negative impact on GDP.
Ann Pettifor (Commonwealth, 2014)
Modern Finance is generally incomprehensible to ordinary men and women....The level of comprehension of many bankers and regulators is not significantly higher. It was probably designed that way. Like the wolf in the fairy tale, 'all the better to fleece you with'
- Satyajit Das
Victoria Chick & Ann Pettifor, with G Tily
July 2010, updated January 2011
Fiscal consolidation does not ‘slash’ the debt, but contributes to it. As the extent of economic recovery becomes increasingly uncertain Prof.