A recovery off track says latest Economics Report from pro.manchester

The latest quarterly Economics Review from membership organisation pro·manchester was released yesterday stating that recovery is moving off track, following poor second quarter growth and a move out of line with the experiences of 1980 and 1990. 

The report goes on to highlight poor borrowing figures, only slightly ahead of last year’s with Ed Balls claiming the economy is flat lining, Chancellor George Osborne of course maintains his strategy is on track.  The consensus is for growth of just 1.3% in 2011 but Chief Executive of pro·manchester  John Ashcroft and author of the report suggests the growth estimate be cut to 1.1%.

Commenting on the report he said “The march of the makers, rebuilding the workshop of the world to finance the big society is slowing as domestic demand falters. The service sector is struggling to pick up the pre recession pace. The trade figures continue to disappoint, the trade deficit will continue to expand, a strong service sector is needed to finance the import bill”
 
“ In the second quarter, goods exports increased by 13% and imports increased by just 10%. This is no more evidence of a policy success than it is to smother the patient to conserve oxygen. In the long run, we are all dead in the rebalanced economy”
 
The pro·manchester  Quarterly Economics review has been prepared by the Economics Team in association with the Business Economists Group.
 
To view the report online or download a copy please click here