Hot on the heels of the Chancellors debate on Channel 4 last night, today the Office for National Statistics (ONS), which calculates GDP for the UK, reported that its number for 2009Q4 growth has been revised up again, now to 0.4% growth.
This even newer number is the result of the ONS adding up the rest of outputs for companies in the economy, and a strong performance by manufacturing has driven this upward revision. Perhaps the weak exchange rate has helped after all.
The Guardian article linked up ends with a quote from someone at the British Chamber of Commerce, a body representing companies in the UK. He supports the Labour take on spending rather than the Tory angle: We need to avoid letting the economy slip back into recession, and as such cutting back spending sooner, as advanced by the Tories, is not wise given that.
This blog accompanies the econ101ab Principles of Economics course given at the University of Birmingham. The lecturers for both parts of the course (101a, microeconomics and 101b, macroeconomics) will occasionally post here on matters related to lecture material. We hope to show the relevance of the concepts we are teaching at each stage of the course for helping understand how the world works...
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