Weak data over the past month has raised concerns over the health of the UK economy. Surveys pointed to declining demand in the manufacturing and services sectors, while a sharp fall in new orders was recorded in the construction sector. Unemployment rose over the most recent quarter, and the Office for National Statistics left unchanged, at 0.2%, its initial estimate of GDP growth in Q2 2011 (compared with Q1 2011). Weak economic data in the US and eurozone economies only add to the increasingly pessimistic outlook for the UK.
All sounds very depressing and yet we hear the Chancellor George Osborne today at the Conservative Party Conference give no concrete example of how growth will be achieved, jobs created and confidence boosted.
Unless we get public sector infrastructure projects, going such as, new houses, roads and trainlines built and delivered by the private sector we are going to have to suffer the same depressing story each quarter.
World markets thrive on confidence, it’s about time our Government put the confidence back into Great Britain.