Tuesday, August 29, 2006
Lies, Damned Lies, And Gordo
Gordon Brown has always told the most monstrous statistical porkies, and his article for this morning's FT is no exception.
Let's take the paragraph where he's bragging about how swimmingly things are going, and compare his assertions against the facts- as recorded in the Treasury's own "Pocket Databank":
ASSERTION- "While good figures will never be an excuse for complacency, industrial production is moving upwards..."
FACT- industrial production is down 0.1% month on month, down 0.9% year on year, and down 0.9% since Gordo took over in 1997; only by clocking it over the last eight months can you torture the figures into an increase;
ASSERTION- "...business investment trends are promising..."
FACT- recent growth has been off a catastrophically low base, and business investment as a percentage of GDP remains well over 3% lower than in 1997;
ASSERTION- "...productivity growth is actually stronger than previously thought..."
FACT- productivity growth over the last five years has averaged 1.4% pa, a full 1% pa slower than the five years before he took over;
ASSERTION- "...employment has risen again to a record high..."
FACT- true, but only because this crackpot government has opened the gates to massive immigration: unemployment among the low-skilled existing existing population is rising;
ASSERTION- "...growth so far this year has defied the pessimists once more."
FACT- it ain't over yet
The main point of the article is to restate his order that public sector pay settlements must not exceed 2% this year. We've blogged this before, and with economy-wide earnings growth running at 6% plus, you have to guess we're in for a pretty discontented winter. We look forward to seeing how Gordo spins that.
Posted by Mike D at 8:54 am