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You are here: News front page > Economy grows 0.2%


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Economy grows 0.2%

Economy grows 0.2%

Prime Minister David Cameron today dismissed claims of splits with George Osborne over the Government's strategy as new figures showed growth had slowed to 0.2%. He said: "Unlike previous governments, there is one team at the heart of this Government: that is the Chancellor and the Prime Minister working together."

Mr Cameron added that it would "take time" to produce growth and strengthen the economy, but that people should be "positive about today's news". The Chancellor insisted that the "whole Government is absolutely committed" to the plan to deal with Britain's debt.

The George Osborne said that he is "absolutely not for turning" on the Government's economic strategy

Figures out today show the economy grew by 0.2% between April and June of this year, down from 0.5% in the first quarter of the year. However, the Office for National Statistics said the figure would have been 0.7% were it not for "special events" such as the Royal Wedding and the tsunami in Japan.

Ed Balls accused Mr Osborne of being "breathtakingly complacent" in response to today’s figures and added that Britain was the only major economy not to have grown over the last nine months. He once again urged the Government to reverse its VAT rise. "This is a Chancellor who is in total denial. Even Downing Street now realise that urgent action is needed to get our economy growing again, but the Chancellor just thinks we should carry on regardless with no credible plan for growth," he added.

The Shadow Chancellor later called for a live debate with George Osborne to discuss the economy, saying it would give people an opportunity to decide "who had the better plan".

Shadow Business Secretary John Denham responded to today's growth figures by saying that George Osborne "cannot keep on saying this is good news".

He added: “I am very worried that unless there is a change of course then the growth will certainly be slow and won’t create the numbers of jobs we need."

The Prime Minister’s permanent secretary Jeremy Heywood met top Treasury and Business Department figures recently to demand action over the UK’s stagnant growth, reports the Daily Telegraph.

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Bill Holden

We are suffering the result of having lived life in the fast lane for far too long, whilst it is fair that the masses hold a variety of opinions (due to being kept in the dark and fed on ……) re the way in which the world economy and more locally our own economy has fallen apart, those in power should have at least a basic grasp of the economic mechanics, unfortunately this does not appear to be the case. The monetarists believe that if you run out of money you can just print some more, this fails to recognise that the truth behind such an action is devaluation which makes raw material imports such as gas, oil, minerals and chemicals expensive. The followers of Keynes do not take account of the fact that since the Keynes economic model was first used that there has been a massive growth in international trade which corrupts the revenue flows within the Keynesian model. Up to 50% of the money that the global economic system has relied upon has in fact been a myth, it never existed, and it was the profit promised by deferred position on the stock market, forward selling and hedge funds. When deals were called in the deferred risks were found to be bad and not payable. The money did not exist. The repair to the immediate situation is for the risk takers to take the loss after all they would have been happy to take the profit (and did for many years). There are models that can repair the damage back to a realistic level but the electorate are fiscally illiterate and therefore would not vote for it, the models will never be used. Public opinion is like a cruise ship at sea, it takes a long time to respond and the crew has to know what they are doing. The economy is heading for the rocks while the crew are holding a party below deck so as to stop the passengers understanding the reality. You have the crew that you voted for (or not) Is time to reconsider the validity of the method of choosing the captain and crew? perhaps even a dismantling of the party system that has held this country back for many many years. All we have is minstrels that play to the gallery (ever tried watching the British parliamentary debates?), what we need is a government that has at its heart the good of the country, an understanding of the core issues and the will to act. Therefore as this will never happen, we are doomed.

Failure down to george

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