Friday, May 13, 2022

The drop in GDP should be a big warning sign for the government

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WInter in May? It feels more like it given how the UK economy is doing.

The latest official figures – for March – were bleak at the Leonard Cohen album level. They showed a 0.1 percent contraction from the flat zero the city had been expecting. Worse is likely to come. This economic freeze will bite hard. The stock market doesn’t always respond to this type of release, partly because the FTSE 100 is a very international market, especially at the top end.

But this time it did, with the number serving as another clue to a possible global slowdown – as if there weren’t enough out there already. Investors were already spooked by the worse than expected US core inflation read, leaving trading screens dominated by red pixels.

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