{"id":73413,"date":"2023-12-13T08:01:09","date_gmt":"2023-12-13T08:01:09","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=73413"},"modified":"2023-12-13T08:01:09","modified_gmt":"2023-12-13T08:01:09","slug":"the-uk-is-another-fine-mess-that-failed-economic-thinking-has-got-us-into","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/12\/13\/the-uk-is-another-fine-mess-that-failed-economic-thinking-has-got-us-into\/","title":{"rendered":"The UK is another fine mess that failed economic thinking has got us into"},"content":{"rendered":"<p>The Office for National Statistics issued new provisional GDP \u00a0figures for October 2023 this morning. These are their charts. The first shows the longer term trend:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-73414\" src=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1281-550x452.jpeg\" alt=\"\" width=\"550\" height=\"452\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1281-550x452.jpeg 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1281-365x300.jpeg 365w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1281-768x631.jpeg 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1281-487x400.jpeg 487w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1281.jpeg 1419w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><br \/>\nThis chart shows movements over the last year, by sector:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-73415\" src=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1282-550x463.jpeg\" alt=\"\" width=\"550\" height=\"463\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1282-550x463.jpeg 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1282-357x300.jpeg 357w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1282-768x646.jpeg 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1282-476x400.jpeg 476w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/12\/IMG_1282.jpeg 1397w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>The message is pretty simple, and so is straightforward to interpret. The UK economy is, using this measure, staggering along. Every sector is struggling. The only winner is the Bank of England, whose attempts to deliver a recession appear to be working.<\/p>\n<p>This is another fine mess that failed economic thinking has got us into.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Office for National Statistics issued new provisional GDP \u00a0figures for October 2023 this morning. These are their charts. The first shows the longer term<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/12\/13\/the-uk-is-another-fine-mess-that-failed-economic-thinking-has-got-us-into\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-73413","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/73413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=73413"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/73413\/revisions"}],"predecessor-version":[{"id":73416,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/73413\/revisions\/73416"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=73413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=73413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=73413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}