Links: 2010-02-22 – UK bank overdrafts, jobseeker privacy and more

4 Comments
  1. daniel says

    hm…..it doesn’t seem that devaluation really helped the british industry…

    http://www.ftd.de/finanzen/maerkte/marktberichte/:das-kapital-die-briten-muessen-es-ja-wissen/50078690.html

    1. Marshall Auerback says

      Not really true. If you look at the latest national statistics,
      (_http://www.statistics.gov.uk/pdfdir/qna1209.pdf_
      (http://www.statistics.gov.uk/pdfdir/qna1209.pdf) )
      you’ll see that the only positive contribution to growth is from net
      exports. Even though I generally subscribe to the view that “exports are a
      cost and imports are a benefit” (on the grounds that it is always desirable to
      have populations consume their own economic output if possible), from a
      national accounts perspective, exports are a contributor to growth. For all
      of the fuss made about the UK’s “fiscal sustainability”, the stats show me
      that government spending is still insufficient to outweigh the total
      collapse in consumption and investment over the past 18 months, so exports are
      the only thing that kept GDP positive is because the decline in imports
      outweighed the decline in exports and given imports are a leakage from the
      expenditure stream. So the import contraction is considered “good” for growth.

      In a message dated 2/23/2010 06:27:48 Mountain Standard Time,
      writes:

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