The reaction from Philip Hammond spoke volumes. Yes, the second lord of the Treasury was pleased that UK growth in the quarter leading up to the Brexit referendum had been stronger at 0.6% than anybody had been expecting. No chancellor looks a gift horse in the mouth, and this gift was unexpectedly generous. Hammond, however, knows full well that this was likely to be the best set of GDP data for some time. When he talked about a “period of adjustment”, what he meant was that the economy is going to cool – perhaps abruptly – following the decision to leave the EU. Indeed, it took only 90 minutes for the growth figures to be put into perspective. That was how long it took for the next health check of the economy to be published. The CBI’s survey of retail spending canvassed opinion after the referendum and, perhaps unsurprisingly, found consumers were reluctant to part with their cash. The City wasn’t fooled by the GDP data. A brief rise in the pound … [Read more...] about UK growth will slow down markedly, despite upbeat GDP figures
2 week growth spurt
Britain is on course to sacrifice as much as £130bn in lost GDP growth over the next 15 years if the Brexit deal goes ahead, according to government figures. Estimates published by the government last year show an agreement similar to Boris Johnson’s settlement, which envisions striking a limited free trade deal with the EU, would strip 6.7% from the UK’s expected path of GDP growth between now and 2034. MPs previously rejected Theresa May’s withdrawal agreement and political declaration, which the same analysis found would knock about 2.1% off the UK’s total national income over 15 years, compared with remaining in the EU. The estimates were made by the Department for Exiting the European Union in November last year when it examined the potential impact of various proposals on the growth of GDP, which is currently about £2.1tn. DExEU found leaving the EU without a deal would be the most expensive option and cost the UK 9.3% in lost income over the … [Read more...] about UK would lose £130bn in growth if Brexit deal passed, figures suggest
Growth is the default setting for modern economies. Humans innovate and improve, find better ways of doing things. Only when shocks occur is this process of steady advance interrupted. One of the long-established adages in financial markets is that business cycles never die of old age, and there is plenty of historical evidence to support that view. The Depression of the 1930s followed the collapse of a speculative bubble and was made worse by a series of policy blunders. In the mid-1970s, the long postwar boom was brought to an end by the sharp rise in the cost of oil. America’s deep recession of the early 1980s was induced by Paul Volcker who was installed as chairman of the Federal Reserve to beat inflation and did so by pushing up interest rates to cripplingly high levels. The slump of 2008-09 was a rerun of the 1930s only without the policy mistakes. Again, the trigger was a financial crisis that led to a sharp contraction of credit. All of which makes the current state of … [Read more...] about With growth this tepid, is it time to give ‘helicopter money’ a whirl?
This is one of the cramped cells at the prison Felicity Huffman will call home for the next two weeks as she serves time for her role in the college admissions scandal. The 56-year-old actress reported to the Federal Correctional Institution in Dublin, California, on Tuesday to begin her 14-day sentence. The minimum-security women's prison is known to locals as 'Club Fed', and has a reputation as one of America's cushiest lock-ups - but it's still a far cry from her sprawling Los Angeles mansion. A photograph of one of the cells shows the tight quarters with barely any floor space between three beds dressed in white sheets and a small sink tucked right by the door. This is one of the cramped prison cells at the Federal Correctional Institution in Dublin, California, where Felicity Huffman will spend the next two weeks as she serves time for her role in the college admissions scandal Felicity Huffman, 56, surrendered to authorities … [Read more...] about PICTURED: Inside the ‘Club Fed’ prison where Felicity Huffman will spend the next two weeks after pleading guilty in the college admissions scandal
Animated Disney musical Frozen 2 will hit cinemas in November. And in this week's Stellar magazine, the film's stars - Idina Menzel, who voices Elsa, and Kristen Bell, who voices younger sister Anna, spilled some secrets about the sequel to the 2013 smash hit. The pair indicated that the new film would focus on the 'unconditional love' that family can offer. Speaking up: Frozen 2 stars Kristen Bell (pictured) and Idina Menzel discuss the hotly-anticipated sequel in this week's Stellar Magazine Keep it casual in Kristen's turtleneck from Sally LaPointe £891 Sally LaPointe oversized turtleneck Buy it at Moda Operandi! Buy now Kristen Bell was one of the many famous faces to attend Disney’s D23 Expo in Anaheim this week. We saw Emily Blunt in Monique Lhuillier, Angelina Jolie opted for a Versace midi and Elle Fanning was a sheer delight in KIMHEKIM, but Kristen went casual in a jumper by Sally LaPointe. Styled with a … [Read more...] about ‘It’s refreshing to see a movie about young women that isn’t about romantic love’: Frozen 2 stars Kristen Bell and Idina Menzel discuss the hotly-anticipated sequel