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Anorak | The British Economy explained in a nutshell

The British Economy explained in a nutshell

by | 18th, March 2013

THESE figures about growth in the UK economy really aren’t a surprise :

The data is likely to deepen concerns about the widening gulf between the capital’s “bubble” economy and the rest of the country. Between 2007 and 2011, London’s economy grew by 12.4pc, despite the painful impact of the financial crisis on the City.

That rate compared to growth elsewhere which ranged between 2.3pc in the East Midlands to 6.8pc in the South West, the Office for National Statistics (ONS) said. The South East, boosted by proximity to London, was close behind at 6.4pc.

A rough guide to the British economy is that it’s a middle of the road, middle ranking, European economy. Nothing very special about it in any direction: except for the presence of London. That’s a part of the Great Global Economy and so is influenced by what’s going on out there, not what’s happening at home. China growing at 8%, India at 6, hundresd of millions, billions even, climbing up out of destitution into the petit bourgeois delights of three square meals a day: these matter more to London

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Posted: 18th, March 2013 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink