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An economy with no growth is, by definition, a zero-sum game: if you can identify the increase in income share enjoyed by the top 1, 5, or 10%, you have an accurate estimate for the severity of the recession for the rest of us.
Meanwhile, the decline in construction GDP is interesting: I don’t see any sign of a decline in land purchases and lending, but I do see building sites idle or ‘idling’ with very little activity and minimal plant on-hire – exactly what you’d expect in a sector with negative interest rates.
Going by HSBC’s announcements yesterday, I can guess which services are driving our anaemic GDP ‘growth’.