Future Grim for Western Economies
Jeremy Warner, The Telegraph
Since last week’s shock announcement of a fall in fourth-quarter GDP, the Government has found itself unexpectedly on the back foot in the debate over austerity. The news yesterday that service industries rebounded strongly last month, as the snows melted away, will go some way towards evening things out. But it will be at least a year before we can say for sure whether the Coalition’s bold experiment in fiscal consolidation is undermining or supporting the process of economic renewal.
Since last week’s shock announcement of a fall in fourth-quarter GDP, the Government has found itself unexpectedly on the back foot in the debate over austerity. The news yesterday that service industries rebounded strongly last month, as the snows melted away, will go some way towards evening things out. But it will be at least a year before we can say for sure whether the Coalition’s bold experiment in fiscal consolidation is undermining or supporting the process of economic renewal.
Source: http://www.realclearpolitics.com/2011/02/04/future_grim_for_western_economies_249964.html