Opinion – Trends in the UK economy | Visual – ONS – John Gelmini

Dr Alf has brought us attractive graphics and a rosy story from the ONS.

Yes, at the moment, the UK economy is doing reasonably well but even these generous figures do not give us the true picture, as many of the jobs created are zero hours contracts, others are local authority people transferred from the public sector to the books of Capita, Serco,Vertex and Vangent.

More jobs created are new companies registered at Companies House , Cardiff but where the directors have no viable business and are not being paid.

The two worrying trends are:

  1. Lack of exports with resulting growing trade gap (which has actually existed since 1981), and
  2. Abysmal productivity from UK workers.

A third worrying trend is the slippage of the City of London which provides invisible exports from 1st place to second in the world in 2012, when New York overtook it, and its projected fall to 4th after Hong Kong and Singapore overtake New York in 2016.

As Dr Alf and myself have been saying for four years on this blog, the UK desperately needs an industry strategy. Relying on financial services, especially the UK’s broken banks is an increasingly dangerous and risky folly.

John Gelmini

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