Wednesday, 4 May 2016

Nobody move or the forecast gets slashed!

From The Guardian:

In another blow, the European Commission has just cut its forecast for UK growth this year.

The EC now expects Britain’s economy to expand by just 1.8% this year, down from a previous forecast of 2.1%, inching up to 1.9% in 2017. It blames the uncertainty created by June’s EU referendum -- echoing the slump in UK factory output.

The commission says:

“Risks to the outlook are tilted to the downside, reflecting less favourable external demand and uncertainty in the lead-up to the June referendum. Net exports are forecast to continue to detract from growth although less markedly in 2017.”

Well they would say that, wouldn't they?


James Higham said...

Down the gurgler in other words.

Robin Smith said...

Fascinating how these 'economists' are superb at forecasting outcomes which never happen and never concede this failure, and rubbish at forecasting the actual recessions and never concede this either, and that no one ever seems to notice, while still paying them huge sums for their expertise. I know folks in hedge funds who pay these experts £100K's yearly for this 'advice'. I've asked the to hire me at say 50% the rate and I'll save them millions but no joy. (maybe its because I'm so rude?). Fred Harrison only gets enough to buy a nice house from the IU. Where is the fairness in that?