Monday, 23 May 2016

Treasury Forecasts

Monday morning has started with a bang and another scare story from the government in the form of a Treasury statement concerning a plague of frogs, er sorry, I mean recession that would shrink the UK economy by 6%.

Naturally this can be put under the heading of 'dodgy dossier' as there have been so many forecasts [from both sides] which are just that forecasts. The FT has a nice story that the Treasury was so nervous that it employed Charlie Bean, the former deputy governor of the Bank of England, to cast a critical eye over the process and give it the stamp of approval.

Rumours from the conservative back benchers that a new nick name for David Cameron and George Osborne is the Chuckle Brothers I find rather amusing.

Of course the biggest surprise the week before last was when the governor of the Bank of England Mark Carney 'said that Brexit could "materially" hit UK growth and cause the pound to fall "sharply" and inflation to spike'.

Mark Carney will be questioned by the select committee tomorrow [Tuesday 24-Jun-2016] and I eagerly await that meeting.

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