Not when set in a domestic historical context. And our productivity performance has still been dreadful.
If Jeremy Hunt had used the day-to-day measure of spending his political point about Labour’s plans would have been blunted.
Scotland’s banks have vast balance sheets, worth more than twelve times the country’s £150bn GDP. The fiscal position of an independent Scotland could look better if they did re-domicile.
Public service spending per head in Scotland is is higher than in England. But it’s lower than in Northern Ireland and some English regions.
By citing the OECD view of the size of the structural deficit in 2007, and then sticking to the IFS narrative on the pace of austerity the Treasury seems to be guilty of cherry picking.
The Conservatives will claims this upgrade as a vindication of their economic strategy. Critics will point out that growth would have been still higher without George Osborne’ front-loaded fiscal austerity. No change there then.
Net trade could easily slip from making zero contribution to growth to being an outright drag over the coming years.
Rents have been rising in real terms according to HomeLet, even though the Office for National Statistics says they are becoming more affordable. Why the divergence?
I’ve interviewed Paul Fisher, who this month attended his final Bank of England Monetary Policy Committee meeting. He is now deputy head of the Bank’s Prudential Regulation Authority.
Here’s the full transcript below for those who are interested in monetary policy and financial regulation.
The collective day-to-day spending of all those other departments – Business, Home Office, Justice, Environment, Culture etc – would fall from £94.6bn in 2011/12 to just £29.7bn in 2018/19. That’s a real terms cut of 70%.
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