Economy is expanding but this isn’t a revovery
I have long suspected that recent improvements in the rate of economic growth in the United Kingdom has been driven in large part by inward migration – where there may be some circularity between cause and effect – and PPI compensation.
Last year the population of the country increased by 0.5% as a result of migration while PPI compensation paid by the banks directly to consumers is running at the rate of £4.3b. annually.
The economy is expanding but this does not amount to a recovery that is remotely close to justifying the celebratory claims made by Chancellor George Osborne or the euphoric tones emanating from the sycophants among the national commentariat and press who, true to form, seem reluctant to give due weight to any facts that undermine their partisan position.
Kevin Hey
Castle Road
Colne