Economic growth « Dr Alf's Blog

Read the Autumn Statement speech in full.

Source: Autumn Statement 2016: Philip Hammond’s speech – Oral statements to Parliament – GOV.UK.

This is a good read. According to the Guardian, Hammond admits that Brexit will blow a GBP59bn in public finances. Meanwhile, the FT reports that the chancellor puts GBP27bn aside as a Brexit shock absorber.

At least, the UK is now not in denial about the financial impact of Brexit and evidence is back in fashion.

Hammond’s statement was grey and considered, lacking the gimmicks of some of his predecessors. But the central messages are clear, the UK is facing a black hole with Brexit and UK productivity seriously lags major competitors.

Thoughts?

English: Logo of the People’s Daily 中文: 人民日报题字 (Photo credit: Wikipedia)

China’s influential newspaper, Peoples’ Daily, reports the IMF forecast in its newly-released World Economic Outlook and Global Financial Stability Report. It highlights that China’s GDP growth is projected to be 6.6 percent in 2016 before moderating to 6.2 percent in 2017.

Source: IMF forecasts Chinese economy to grow at 6.6% in 2016 – People’s Daily Online

This is good news for China, highlighting that China is overhauling its economy effectively and minimizing the risk. No doubt Western China experts will still be highlighting the risks in the coming days. But the IMF forecast is independent and respected – this is why China is promoting the news.

Thoughts?