David Craig, on February 13th, 2025Friday-weekend blog
Rejoice, rejoice! The BBC tells us that “UK economy unexpectedly grew at the end of last year, new figures show”. Yipee, so we’re all richer!
Of course, it’s all complete nonsense – lies, obfuscation and figure-fiddling. Let’s do some simple arithmetic.
- UK GDP is about �2.717 trillion
- if we simplify and say that a quarter of this �2.717 trillion was generated in the last quarter of 2024, that gives us �679 billion
- the economy supposedly grew by a wondrous 0.1%. This 0.1% (if I’ve got my decimals right) gives us �679 million of growth
Now let’s look at where that �679 million of growth might have come from. Here’s a chart of government borrowing from the Office for National Statistics:
In October 2024 the government borrowed about �18 billion, in November this fell to around �12 billion and then in December it shot up again to �18 billion. So, in the last quarter of 2024, the government borrowed around �48 billion and managed to create just �679 million of economic growth.
Or you could try another simple calculation. Due to Reeves’s financial incontinence in throwing money at our worthless underperforming, incompetent, wasteful public sector, borrowing for the last three months of the year 2024 was about �4 billion more than the ludicrously misnamed Office for Budget Responsibility forecast. And this �4 billion gave us the ‘fantastic’ �679 million of economic growth the Labour-loving BBC was so delighted to announce.
Of course, with our rulers’ open-borders, ‘bring-in-the-Third-world’ policies of replacing the British population, our gdp per capita – the real measure of our national wealth – is falling and will continue to fall as we get ever poorer:
And here’s today’s ‘fun fact’ – the UK’s gdp per capita is now lower than the poorest US state, Mississippi.
The only thing which can save us now is a massive financial crash, national bankruptcy, a refusal by the bond markets to lend us any more money for the government to waste and a bailout by the IMF with the condition that Britain cuts our useless public sector by at least 20% to 30%.
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Well hopefully Rachael sacked from accounts will be on her way soon. Opens the door to unpick some of the destruction she wrought. We really need a UK doge to get underneath spending as we all know vast sums are being wasted in DEI and climate change amongst others. I have seen contracts being posted to X for vast sums being spent outside the country. The funniest was Rory Stewart’s wife losing her �! million a year contract to help asylum seekers claim benefits and feel at home after Elon stopped USAid money. Wonder how many other wives of politicians are happily running charities fully funded by taxpayers.
I think you miss the point of politics. The Labour party policy is to grow the economy. They can�t be expected to know the results of their policies.
I think I’ve just read that Milliband is effectively costing this country about �112billion by refusing to contemplate opening the new gas find in Lincolnshire, instead continuing to IMPORT the gas we need from foreign producers at world market prices! If anything illustrates the complete madness in EVERYTHING this ‘government’ does, seemingly to completely wreck the country, this is a prime example!!