Don't Believe the Truth: but we still have problems - Hamish McRae
Hamish McRae: Behind the implausible ONS figures we still have problems - Hamish McRae - Business Comment - The Independent
For example, in the third quarter of 2009 GDP was initially estimated to be minus 0.4 per cent, giving rise to headlines that the US and much of continental Europe had emerged from recession whereas the UK had not. Actually, we now know, the economy grew by 0.2 per cent, but it took two years for the true figures to emerge. So poor Gordon Brown had to defend his government in the light of bad figures, only to discover when he was out of office that they were quite good ones after all. He has a right to feel sore about that.
For example, in the third quarter of 2009 GDP was initially estimated to be minus 0.4 per cent, giving rise to headlines that the US and much of continental Europe had emerged from recession whereas the UK had not. Actually, we now know, the economy grew by 0.2 per cent, but it took two years for the true figures to emerge. So poor Gordon Brown had to defend his government in the light of bad figures, only to discover when he was out of office that they were quite good ones after all. He has a right to feel sore about that.
