By LAURENCE NORMAN sourced from Wall Street Journal
LONDON — When the U.K.'s brand-new fiscal council, the Office for Budget Responsibility, laid out its fiscal and economic forecasts a week ago Monday, it was widely praised for its careful, comprehensive work.
Yet the same office will face a bigger test Tuesday when Treasury chief George Osborne delivers his emergency budget statement and the OBR revises its forecasts in light of those plans.
That will force the OBR to give its judgment on the central question in U.K. politics for the last year, including the recent election campaign: whether stepped-up deficit reduction will lift the jobless rate and derail a still-fragile economic recovery.
The OBR was set up by Mr. Osborne last month to add credibility to government fiscal plans. The independent fiscal council was given the power to make the key growth and borrowing forecasts that underpin the budget plans, a power previously exercised by the Chancellor of the Exchequer.
In its debut act on Monday, the OBR lowered the growth forecasts the previous government had given in its March budget. The OBR surprised some by cutting borrowing forecasts for coming years but raised the estimate of the closely watched structural budget gap—the estimate for the size of the deficit once the economy returns to a rate of growth in line with its long-term trend.
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Showing posts with label london. Show all posts
Showing posts with label london. Show all posts
Sunday, 20 June 2010
Sunday, 19 July 2009
Latest figures confirm the Great British Recession
July 2, 2009
LONDON: The recession is now on a par with the very worst year of the Great Depression. Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.
The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said. The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.
"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup. The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".
The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent. This was the biggest one-quarter fall in 35 years.
read full article at The Sydney morning herald
LONDON: The recession is now on a par with the very worst year of the Great Depression. Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.
The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said. The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.
"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup. The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".
The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent. This was the biggest one-quarter fall in 35 years.
read full article at The Sydney morning herald
Latest figures confirm the Great British Recession
July 2, 2009
LONDON: The recession is now on a par with the very worst year of the Great Depression. Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.
The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said. The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.
"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup. The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".
The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent. This was the biggest one-quarter fall in 35 years.
read full article at The Sydney morning herald
LONDON: The recession is now on a par with the very worst year of the Great Depression. Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.
The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said. The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.
"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup. The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".
The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent. This was the biggest one-quarter fall in 35 years.
read full article at The Sydney morning herald
Saturday, 18 July 2009
Theatre and the recession
Hi
I went to the theatre this week to the premier of ENRON, a theatrical production based on the actions and collapse of the giant sized company ENRON.
As I though some of your might find this quite interesting i have created a new page entitled ENRON. As I live in Britain the whole Enron thing back in 2001 didn't really mean much, but know we are in the economical problems that we are looking back at began is interesting.
please follow this link ENRON
I went to the theatre this week to the premier of ENRON, a theatrical production based on the actions and collapse of the giant sized company ENRON.
As I though some of your might find this quite interesting i have created a new page entitled ENRON. As I live in Britain the whole Enron thing back in 2001 didn't really mean much, but know we are in the economical problems that we are looking back at began is interesting.
please follow this link ENRON
Theatre and the recession
Hi
I went to the theatre this week to the premier of ENRON, a theatrical production based on the actions and collapse of the giant sized company ENRON.
As I though some of your might find this quite interesting i have created a new page entitled ENRON. As I live in Britain the whole Enron thing back in 2001 didn't really mean much, but know we are in the economical problems that we are looking back at began is interesting.
please follow this link ENRON
I went to the theatre this week to the premier of ENRON, a theatrical production based on the actions and collapse of the giant sized company ENRON.
As I though some of your might find this quite interesting i have created a new page entitled ENRON. As I live in Britain the whole Enron thing back in 2001 didn't really mean much, but know we are in the economical problems that we are looking back at began is interesting.
please follow this link ENRON
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