DAILY MAIL COMMENT: Gloomy experts will talk us into recession
Anyone listening to so-called economic experts in recent weeks would readily assume Britain is heading for a financial meltdown the likes of which we’ve never seen.
Day in, day out, the BBC’s vast machine pumps out flesh-crawling stories which warn of impending financial Armaggedon.
Barely an hour seems to pass without self-styled Money Saving Expert Martin Lewis popping up on TV to announce that the end is indeed nigh, forecasting civil unrest if energy bills continue to rise.
Even those whose duty it is to keep a calm head are at it. The Bank of England’s Governor Andrew Bailey has been gloomily speaking of a prolonged recession due to spiralling inflation – the very thing he is paid handsomely to keep under control.
Anyone listening to so-called economic experts in recent weeks would readily assume Britain is heading for a financial meltdown the likes of which we’ve never seen. A shopper is pictured above on Oxford Street yesterday
Yet lo and behold when the Office for National Statistics announced its latest data yesterday, we learned the economy had shrunk by just 0.1 per cent.
Admittedly this was hardly cause to break open the Bollinger. But far from the financial abyss naysayers predicted.
In fact, had it not been for the two working days lost to the Jubilee Bank Holiday celebrations those figures would almost certainly have been stronger.
Even financial news service Bloomberg, not known for its sunny editorial outlook, admits the UK economy has been performing far better than expected.
Even those whose duty it is to keep a calm head are at it. The Bank of England’s Governor Andrew Bailey has been gloomily speaking of a prolonged recession due to spiralling inflation – the very thing he is paid handsomely to keep under control
Of course, no one should be in any doubt that global events, not least the war in Ukraine, have left the country facing enormous challenges. Bills will rise. Household budgets will be squeezed.
But we will get through this. The Government has already announced a £37billion package to help with energy bills this autumn with more assistance to come.
Spreading panic and hysteria does no one any good. A country repeatedly told it is hurtling toward catastrophe stops spending and borrowing money. Eventually all these predictions of doom become a self-fulfilling prophecy.
Being honest about the tough times that lie ahead is one thing. But talking Britain down into a recession – and all the misery that will bring – is recklessly irresponsible.
Mandy’s on the money
Shadowy Labour fixer Peter Mandelson has described Tory leadership candidate Liz Truss as ‘gutsy’ and said if she becomes PM his party would have to up its game.
Miss Truss certainly seems to grow ever more assured as this contest progresses. Her pledge yesterday to tackle ‘woke’ civil service culture demonstrates a welcome determination to get to grips with the dreaded Whitehall ‘blob’.
It’s not often the Mail finds itself in agreement with Lord Mandelson, who did so much to poison the well of political discourse. But for once this spent political volcano might be right.
Shadowy Labour fixer Peter Mandelson has described Tory leadership candidate Liz Truss as ‘gutsy’ and said if she becomes PM his party would have to up its game
Man without a plan
With the Prime Minister now a lame duck, the past month should have been rich pickings for Her Majesty’s opposition. Tragically for Labour, its leader Sir Keir Starmer remains woefully without a plan.
Rather than offer solutions to the soaring cost of living, he and his party have preferred to carp at the sidelines and make cheap digs at Boris Johnson for taking a long-delayed honeymoon.
Meanwhile, in the build-up to further rail misery gripping the country today, Sir Keir couldn’t even step away from his own holiday sun lounger to denounce the strikes for fear of upsetting his union paymasters.
At least we assumed he was on holiday. Bizarrely, Labour’s business spokesman Jonathan Reynolds yesterday was unable to say whether his boss was on leave or not.
Sir Keir is of course entitled to his summer break. But his constant vacillation is now beyond embarrassing.