The UK economy grew by 0.6% in the third quarter, according to official figures, faster than previous estimates.
Oh and look…
“ONS statistician Darren Morgan said: “Robust consumer demand continued to help the UK economy grow steadily in the third quarter of 2016. Growth was slightly stronger than first thought, though, due to greater output in the financial sector.”
Hmmm…the financial sector doing well and growing…how can that possibly be? Haven’t they all decamped to Frankfurt?
Oh but look at this…..the deficit is out of control and exports are not helped by the fall in the pound…
Separate figures from the ONS showed the UK’s current account deficit rose back towards record levels in the third quarter, with few signs that the fall in the pound in the wake of the Brexit vote has helped to boost exports.
Curious this other far less negative BBC report today says different…the government is on track to meet its deficit target…
Government borrowing fell in November to £12.6bn, down £0.6bn from November 2015, according to the Office for National Statistics.
However, the fall was less than analysts had been expecting.
The monthly borrowing figure had been expected to shrink to £11.6bn, according to an economists’ poll.
Borrowing for the financial year so far is down on last year. From April to November, borrowing, excluding state-owned banks, fell by £7.7bn to £59.5bn.
Despite the smaller-than-expected fall in November’s borrowing figure, economists said the government was on track to meet its less ambitious deficit forecast set out in November’s Autumn Statement.
Then exports…from the BBC itself….do they not take note of their own reports? No…As we pointed out in the last post about Easton they obviously do not….
Manufacturing exports have received a significant boost from the weakness of sterling, according to the the latest report from the CBI.
The Industrial Trends Survey showed that export volumes grew that their fastest pace for two and a half years in the three months to October.