I get the distinct sense that the government and Bank of England have a different definition for what the economy is than the average Brit.
this post was submitted on 09 May 2024
17 points (100.0% liked)
UK Politics
3100 readers
157 users here now
General Discussion for politics in the UK.
Please don't post to both !uk_politics@feddit.uk and !unitedkingdom@feddit.uk .
Pick the most appropriate, and put it there.
Posts should be related to UK-centric politics, and should be either a link to a reputable news source for news, or a text post on this community.
Opinion pieces are also allowed, provided they are not misleading/misrepresented/drivel, and have proper sources.
If you think "reputable news source" needs some definition, by all means start a meta thread. (These things should be publicly discussed)
Posts should be manually submitted, not by bot. Link titles should not be editorialised.
Disappointing comments will generally be left to fester in ratio, outright horrible comments will be removed.
Message the mods if you feel something really should be removed, or if a user seems to have a pattern of awful comments.
!ukpolitics@lemm.ee appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
founded 1 year ago
MODERATORS
Well... yes. That's too be expected, no? Macro Vs micro.
This is the best summary I could come up with:
He made the comments ahead of figures due out on Friday expected to confirm that the UK is no longer in recession.
Prime Minister Rishi Sunak has previously said that the economy had "turned a corner" - but many households' budgets remain under pressure.
Earlier this week, Labour shadow chancellor, Rachel Reeves, accused the government of misleading people over the state of the economy, saying suggestions that the feel-good factor is returning were "completely out of touch with the realities on the ground".
After the Bank of England held interest rates at 5.25% for the sixth time in a row on Thursday, Mr Bailey said he was "very encouraged" by easing price rises, but added the Bank had to see more evidence that inflation would fall to 2% and stay there before cuting interest rates.
The governor said the UK economy was now going into a "gradual growth phase" - not a "strong recovery" - but that there was "good news" in household incomes increasing.
He added households were "not feeling any uptick, when they are told by Conservatives ministers doing victory laps this week that the country has turned a corner, when it hasn't".
The original article contains 544 words, the summary contains 195 words. Saved 64%. I'm a bot and I'm open source!