Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
George Osborne: dreaming of a White Christmas to fend off recession | Business | The Guardian

It's the time of year when children begin to hope for a flurry of snowflakes to add a festive backdrop to the Christmas build-up - and judging by this morning's grim news from retailers, they'll be pleased that temperatures have started to plummet too. But Steve Nickell, of the Office for Budget Responsibility, has suggested someone else who should be praying for a White Christmas: George Osborne.

Appearing before MPs on the Treasury select committee, Nickell pointed out that heavy snowfall at the end of the year - following last year's pattern - could mean a sharp downturn in GDP, followed by an automatic bounce-back as activity returns to normal in the new year.

The OBR, which announced its forecasts alongside the chancellor's autumn statement last week, is now predicting that growth will be broadly flat between now and next autumn. But with the eurozone crisis hammering confidence, negative growth (as economists oxymoronically call it) looks increasingly likely for October to December.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Dec 6th, 2011 at 02:55:50 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

The 2nd Migrant Wave to Germany

by DoDo - Sep 1
33 comments

The UK Left and Brexit

by car05 - Aug 27
10 comments

Brutish, Nasty, Prolonged

by john_evans - Aug 18
26 comments

Periphery, migration & decline

by Metatone - Aug 14
24 comments

1930s in social media

by DoDo - Aug 11
91 comments

It's "Whose Economy, Stupid?"

by Helen - Aug 3
38 comments

Recent Diaries

Occasional Series