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Prudent? … Paul Staines does not think so!
British Chancellor Gordon Brown’s recent splurge on the National Health Service was supposed to be supported by a bouyant economy, but first quarter figures (just released) are terrible.
Manufacturing output tumbled by 1.5 per cent, leaving it 6.5 per cent down on the same time last year ÷ the biggest annual decline since the recession of the early Eighties. A further slump in exports, by nearly 7 per cent, also took a heavy toll.
On the plus side that means mortgage rates are very unlikely to rise near term, but taxes may be more likely to rise as the economy stagnates – unless you think New Labour would actually consider reducing state spending?
As the graphic shows we have slipped from first to last in the G7 growth league – as the other G7 countries voters all shifted rightwards.
Things are going to get more difficult for Brown, sooner rather than later.
Paul Staines
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