Britain's economy forecast to be stronger than Argentina's

[pellinore]

Good news! The UK is no longer forecast to be worst performing advanced economy. We may beat Argentina by a whisker!

Britain is on course to be one of the worst performing advanced economies this year and next, with only Argentina performing worse, according to new forecasts.

The Organisation for Economic Cooperation and Development (OECD) said Britain’s economy would grow faster than Germany and Argentina this year, but slower than all other advanced countries.

And next year, Britain’s growth will outpace Argentina alone, the OECD warned.

The embarassing forecast comes after former Bank of England governor Mark Carney accused 49-day prime minister Liz Truss of turning Britain into “Argentina on the Channel” because of her “basic misunderstanding of what drives economies”.

Britain’s economy almost as weak as Argentina and set for highest inflation in G7 | The Independent

Britain forecast to have highest inflation rate of world's G7 economies this year to leave mortgage-holders braced for more misery as Bank of England mulls another interest rate hike on Thursday | Daily Mail Online

Edited September 19 by pellinore

[Electric Scooter]

7 minutes ago, pellinore said:

Britain’s economy almost as weak as Argentina and set for highest inflation in G7 | The Independent

Britain is an island nation that imports 40% of its food.

Hence, food inflation hits us harder than most others. The oil and gas inflation hits everyone the same. There is also a criticism that the BoE was slow to raise interest rates.

Edited September 19 by Electric Scooter

[L.A.T.1961]

I do like a good prediction, pity this is likely not one of them. 

[pellinore]

1 hour ago, Electric Scooter said:

Britain is an island nation that imports 40% of its food.

Hence, food inflation hits us harder than most others. The oil and gas inflation hits everyone the same. There is also a criticism that the BoE was slow to raise interest rates.

Then wasn't it silly we decided erecting trade barriers was a good idea?

[pellinore]

2 minutes ago, L.A.T.1961 said:

I do like a good prediction, pity this is likely not one of them. 

Presumably if the prediction was that Britain was going to perform well, you would have liked it? Unfortunately, liking or disliking predictions doesn't make any difference.

[L.A.T.1961]

1 minute ago, pellinore said:

Presumably if the prediction was that Britain was going to perform well, you would have liked it? Unfortunately, liking or disliking predictions doesn't make any difference.

Unlike yourself  

But I have highlighted various bodies, with a desire to predict the future, are often pessimistic when it comes to UK performance. I put this down to a model they use that indicates that brexit has to be a disaster. 

The prediction that UK would be in recession first among G7 and in one longer was wrong for example.

So there is a track record and old predictions tend to be forgotten three months on when the next is made. 

There is no accountability for these bodies if they get estimates wrong, even though it has the potential to harm a nations credibility or GDP. 

[Electric Scooter]

52 minutes ago, pellinore said:

Then wasn't it silly we decided erecting trade barriers was a good idea?

You`ve lost us all now, most food stuffs do not have import tax on them.

[itsnotoutthere]

4 hours ago, L.A.T.1961 said:

Unlike yourself  

But I have highlighted various bodies, with a desire to predict the future, are often pessimistic when it comes to UK performance. I put this down to a model they use that indicates that brexit has to be a disaster. 

The prediction that UK would be in recession first among G7 and in one longer was wrong for example.

So there is a track record and old predictions tend to be forgotten three months on when the next is made. 

There is no accountability for these bodies if they get estimates wrong, even though it has the potential to harm a nations credibility or GDP. 

It's a campaign by remoaners that we are all very well aware of.  You have to ask, why are the EU so desperate to have us back. We know why. 

The EU are talking about expanding to countries like Albania and Romania.... desparate times. 

Edited September 19 by itsnotoutthere

[L.A.T.1961]

The Daily Mail link above talks of the UK having the highest inflation in G7. 

It is another pessimistic and wrong forecast.

The real data out today -

UK inflation slumps to 6.7% in August

The latest data shows inflation slowed faster than expected in August, a welcome relief for consumers and the Bank of England. More importantly, core inflation, which strips volatile food and energy costs, and is a better indicator of the long-term growth of prices, fell to 6.2% in August. Economists were predicting a figure of 6.8% for August. 

Charlie Huggins at Wealth Club said. Although for now, “ the trend is in the right direction. While price rises are still much higher than anyone would like, there is no longer a sense that inflation is out of control."  

https://moneyweek.com/economy/uk-inflation-slumps-in-august

This data could well put an end to further rate hikes ?

UK inflation fell to an 18-month low driving London’s stocks higher on Wednesday, with top housebuilders on ftse250 doing particularly well, as nerves calmed ahead of this week’s upcoming rate announcements.

https://www.sharesmagazine.co.uk/news/shares/stocks-make-comeback-on-surprise-uk-inflation-cool