It’s unbelievable how some newspapers are hypnotising the public apropos the British economy when, in fact, Britain finds itself trailing behind the European Union and the G7 in growth at the start of 2017. The Office for National Statistics said the weak GDP figure of 0.2%, which marked a sharp downturn from a growth rate of 0.7% during the previous three months, was because of a poor performance by the dominant services sector as customers cut back on spending, causing a fall in growth amongst hotels and retailers.
John Hawksworth, Chief Economist at PWS, said the data confirmed that the big picture is of an economy that is still growing but has dropped down a couple of gears since the turn of the year as inflation has squeezed real incomes. Britain was also the lowest growing economy of the 28 countries in the EU in the first quarter of this year.
The fact of the matter is very clear for all to see. The present government is in total disarray, groping in the dark, unable to decide where Brexit is leading us. Theresa May has not learned her lesson so far, despite her disastrous failure by calling an unwanted general election and losing her majority in Parliament as a result. Rumour has it over the weekend that her stubbornness to show lack of flexibility in negotiating a sensible Brexit outcome is causing unwanted ripples within her ranks, and could lead ultimately to a standstill in trying to break the ice.
All this does not augur well for the City, which is now getting the jitters as they believe the Prime Minister risks crippling the economy unless the City of London is prioritised immediately in Brexit talks. No one seems to know what the future holds for Britain. Propagandists on both sides of the equation sing a different tune, while the public is feeling the brunt of the worst instability this country has faced in a very long time.
Let’s forge ahead by being more pragmatic and less dis-illusionist; take the bull by the horns and show the world that we live on this planet and we intend to remain a force to reckon with in every conceivable direction!