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Growth was downgraded to 0.8 percent earlier in year, Tom Harwood points out
Tom Harwood points out that the recent revision in official U.K. economic growth projections from 0.8 percent to 1.0 percent follows a previous downgrade from 1.3 percent to 0.8 percent earlier in the year.
Harwood notes that the Chancellor's earlier plans were based on 1.3 percent growth, but the new 'upgrade' being referenced to support new spending is actually based on a reduced 1.0 percent growth projection.
Harwood has recently warned that the nationalization of British Steel would increase taxpayer liabilities without addressing its energy costs. He has also noted that a shortage of luxury housing is pushing investment bankers into former working-class homes in South London. The author’s recent comments on economic growth projections add to his track record of analyzing policy impacts on different sectors.
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