Remember when the PMI figures came out and the BBC screamed from the rooftops about a ‘dramatic deterioration’ in the economy since Brexit?…
Brexit causes dramatic drop in UK economy, data suggests
Britain’s decision to leave the EU has led to a “dramatic deterioration” in economic activity, not seen since the aftermath of the financial crisis.
What is interesting about the BBC’s little report is that the IFS’s Paul Johnson doesn’t figure in it. Normally the goto guy for the BBC. Why doesn’t he figure? Because earlier on the BBC he stated that these figures tell us nothing yet, there is no significant data about the effect of Brexit available yet. Just why would the BBC not repeat that message throughout the day as they normally would with a soundbite from the IFS instead opting for ‘dramatic deterioration of the economy’?
Curiously the BBC has reined back on the hyperbole for the latest economic data. We must be more careful how we interpret it….here’s the news….
UK economic growth sped up ahead of Brexit vote
And here’s the views from Ahmed who did a splendid job during the run up to the referendum in pushing the Remain message….
Take care over these economic figures
Looking in the rear view mirror doesn’t always tell you much about the road ahead.
And that is essentially what today’s second quarter economic growth figures are about – a health check on the road behind us, not a snap shot of the here and now.
That does not mean that positive figures should be dismissed, just so much pre-referendum chaff.
What does he mean ‘we’ shouldn’t dismiss them….it’s the likes of Ahmed who does the dismissing and indeed seems to be doing his best to spread the doubt. Funny how I seem to remember the BBC headlining in the run up to the referendum that the uncertainty was effecting businesses even then and that lack of confidence was damaging the economy. So now that seems not to be the case as the economy in that period ‘boomed’ and anyway, apparently, the figures show us nothing about the future…one month is so last year isn’t it Ahmed?
Odd how the BBC is refusing to publish any information about trade deals that looks good for Britain at the moment…..where’s the headlines about huge investments in Britain? From Guido:
Everybody’s Investing in Brexit Britain
Three huge businesses have announced major UK investments in the space of 24 hours – in some cases contrary to what their officials claimed prior to the referendum vote. GlaxoSmithKline has announced £275 million of fresh investment, London’s City Airport is getting a £344 million expansion, and Deutsche Börse’s shareholders overwhelmingly approved its merger with the London Stock Exchange. A vote endorsing London as the enduring financial capital of the world post-Brexit.
Undoubtedly there will be businesses that flee but also ones that come in…..the BBC only highlights the ones that flee.
Liked this from the BBC that it tacked onto the end of its ‘good news’ story:
The economy seems to be heading towards a “significant deterioration” in the second half of 2016, according to the National Institute of Economic and Social Research.
Connor Campbell, an analyst at Spreadex, agreed, saying: “Just because predictions of a slowdown pre-referendum appear to have been false, last week’s early glimpse at the Markit PMIs shows that the post-Brexit impact is in no way a bogeyman conjured by bitter Vote Remainers.”
The PMI figures show nothing just yet, they were the result not of post-Brexit bitterness conjured up by Remainers but by massive alarm and uncertainty conjured up by arrogant, scaremongering Remainers who didn’t really give a dman about the country’s economy as long as it stayed in the EU.
The next set of PMI figures, and the set after, will be the significant ones that may indicate a direction of travel for the economy…but we always knew that short term the economy would take a hit and long term things would bounce back and may be even better…with the added bonus of not having the EU deciding our politics for us and presiding over us with the ECJ. The BBC always concentrates on economics and manages to forget the real purpose of Brexit…to take back political control with a major target of reducing immigration.
To make sense of the BBC economic reporting you have to remember two things.
1. They are actively anti Brexit
2. What doesn’t get reported is as significant as what does.
Just waiting for my “Is it true, or did you hear it on the BBC” car sticker to arrive after it was mentioned on here.
It deserves to be a big seller!
Bbc we can’t vote in america
Mackers
Psst ! Dont tell em 😉
Mackers,
But the BBC will send a massive team to the USA for months to cover the election, staying in the best hotels, eating at the best restaurants and at no personal risk !
Heard Mr Ahmed with long face (well he has, hasn’t he) on 130 News Channel on just after 5pm saying all the same sort of things as described above including the idea that the figures reflected what was, rather than what was to come and indeed he described it as a ‘snapshot’. The funny thing is that applies to nearly all measurements including those measuring economic data. If Kamal hasn’t understood that until now then he really isn’t that bright and should not be the Beeb’s economic editor. Of course interpreting figures is a whole other ball game and Kamal still isn’t very good if he couldn’t invent a reason why the latest economic data isn’t bad and that Brexit is to blame.
In a nutshell, by pouring cold water on positive economic results they are attempting to achieve a self fulfilling prophesy. Its almost as if they want Great Britain to go into a recession .
Where else would many foreign investors initially go to get British news ? – Al Beeb .
I am very surprised that they have not been spoken to by Philip Hammond. Where is our government ?
Yup anything to justify they were right. It is getting a bit boring now, to get any descent financial news has to ignore any BBC info.
Meanwhile in the Telegraph:
Live
FTSE 100 hits one-year high and FTSE 250 erases post-Brexit losses as UK economy grows by 0.6pc
27 July 2016 • 5:37pm
FTSE 100 hits highest level since July 21 2015
Chinese stocks suffer worst day in six weeks on crackdown fears
US Federal Reserve makes its interest rate decision later today
Japanese markets rise on stimulus hopes
Pound flounders at $1.31 and €1.1957
UK economy expands by 0.6pc in second quarter
FTSE 250 surges 1.38pc on GDP data; just 0.2pc off its pre-Brexit levels
And of course as normal everything is AMAZING in Europe, they don’t know why we voted NO, actually it was not much to do with being a racist / stupid / uneducated .. whatever, look what would have never happenend if we didn’t leave? ORLY?
ZEW: German economic sentiment plunges after Brexit vote
Deutsche Bank Profit Plunges Amid Turnaround Effort
Italy eyes €40bn bank rescue as first Brexit domino falls
European authorities have authorized handing 7.5 billion euros, or $8.4 billion, in bailout aid to Greece, which will allow the country to keep paying its bills in the coming months. ( June 2016 )
France – Unemployment rate is over 10 %
A lot of people who knew what was going on and understood a bit about economics in 2008 voted out because we can see what is in the pipeline.
Wonder how long they can keep this up, I am waiting for a good kick up the butt from Theresa May.
Heard that Lloyds are cutting three thousand jobs in preparation for a 0.25% cut in interest rates expected soon.
With all the positives detailed by Feel Like above, why is this cut needed?
It would make far more sense to have a cut in interest rates available as a means of helping the economy for some future recession, probably when the EU collapses.
It’s a waste using it now and I suspect it is being done out of spite and not necessity.
A 0.25% change is so little it would have a negligeable effect anyway.
Feel and Emmanuel,
Agree with you both. Despite problems, the UK economy is in much better shape than many, including the EU countries. It is essential that we get out of the EU before we get dragged down with it.
Emanuel I feel it s essential to be part of the EU market, but not part of a group that engages in protectionism in such way that it detrimental to trade of some member states, biased towards specific members and apply bailouts accordingly as they see fit, holding states economically liable for democratic decisions by their citizens. Trade is very important with the EU, but flexibility in a global market place is also essential in my opinion.
Taffman – I am sure they have been spoken to by Hammond – Probably something like keep up the good work boys and girls.
Lots of bollocks on R4 today blah blah blah single market , blah blah blah important to stay blah etc
Sorry I thought that if we left the EU we had to leave the single market.
Surely If we stay in the single market – we have not left the EU, silly me I mistakenly thought that was what we voted for!
Oaknash
Agreed, but what about all the Tory MPs that were for Brexit and have a duty to the British businesses who’s livelihood depends on a positive economic PR. I have no doubt that they or their researchers view this site and would pass on the views expressed here .
Furthermore, where have our ‘Tormentors’ ie Trolls, that know so much about the impartiality of Al Beeb and so much about our economy ?
Its very quiet. ‘The quiet before the storm’ perhaps ?
Sorry, that’s not correct. The aim is to stay in the single market as well as have control over our borders. It’s called the Liechstenstein solution. Do read Richard North’s blog every day; it’s called EUreferendunm.com, where you will discover all the facts you need.
Taffman – maybe the tory brexiteers are all currently keeping their heads down in the hopes that the new “Leaderene” throws a few job goodies their way. I hope this is not the case but these days nothing much surprises me. They all betted on the right race but the wrong horse won by a head.
We know that Theresa does not support Brexit and I am sure would be quite willing to hang any loose cannon out to dry if it suited her ends.
As regards Aunties little friends I am assuming they have been instructed to keep their heads down currently as they know they would be be ripped apart on this site at the moment.
There is nothing they can currently say that will help their cause. All it would do is focus peoples minds on how pathetic, irrelevant and downright dishonest, disloyal the majority of their “observations” are and how devious, politically driven and manipulative the BBC has become.
These arsehole s need room to manoeuvre and areas of doubt with which to exploit. Currently things are becoming very black or white with very little room for their pink metrosexual vanilla flavoured politics. I am sure they will be back soon but I think a little dust will have to settle before they will feel comfortable espousing their usual verbal stoolidge.
Oak,
As if my magic, Aunty’s little friends have just resurfaced !
Floated to the top of the pan – someone better flush it quick!
‘Taken the bait’.
Alan,
“Remember when the PMI figures came out and the BBC screamed from the rooftops about a ‘dramatic deterioration’ in the economy since Brexit?…
‘Brexit causes dramatic drop in UK economy, data suggests’”
Really?
Here’s a few quotes from that report you left out (for some reason). You know, the one the BBC ”screamed from the rooftops”:
“However, exports picked up, driven by the weakening of the pound.”
“It is possible that this is a “shock-induced nadir”, as the chief economist at the firm who conducted the survey put it, and that the economy will right itself in the coming months.”
“the financial markets have stabilised and in some areas rebounded”.
“the ‘confidence shock from the Leave vote might wear off over the coming months’ “.
“its verdict on the wider eurozone economy was more cheery.”
“the overall pace of economic growth was in line with pre-Brexit trends, and employment across the eurozone rose”.
“The optimistic outlook is in line with comments made by the president of the European Central Bank (ECB)…”
“…the PMI data was ‘no surprise’, and that it ’doesn’t tell us much about what Brexit’s longer term impact will be’ “.
__
Apparently that is all “BBC screaming hyperbole”. As opposed to your own considered opinion that; The PMI figures show nothing just yet…”
Outstanding Alan. Truly outstanding.
Zero
‘Always look on the bright side of life’, this is looking good, because we need to sell the UK to the world now that we are heading out of the undemocratic EU ………………………
http://news.sky.com/story/gsk-plans-163275m-uk-investment-after-eu-vote-10513915
People rarely advance much beyond the headline, as the BBC knows well. It also being what shows in the lists / icons of stories for you to select from.
“ISRAELI JETS POUND GAZA” says the headline but lost in the report is “after 200 rockets fired by Palestinians”. I wonder which part people take on board – as intended?
A headline of “Data suggests possibility of slowdown after Brexit” would be a fairer take on the whole report, but that does not get enough negativity into it, does it?
I wonder in which week the PMI data was collected?
This looks positive from the BBC ……………………………….
“The government said the new jobs pointed to confidence in the UK economy after Britain’s vote to leave the EU.”
http://www.bbc.co.uk/news/business-36903913
Zero
It looks as if the German economy is taking a nose dive. Surely nothing to do with our Brexit ?……………………
http://www.express.co.uk/finance/city/693803/Eurozone-economy-Deutsche-Bank-income-plunges-nearly-100-PER-CENT
Taffman – Zero up to his games again
Always plenty of wriggle room on economics
Major recession predicted by Osbourne never happened so Zero and his mind dead BBC clones have been instructed to play “Operation lets talk shit about the economy” Talking the economy down is always a good one.
Think most people have have heard enough of remains “experts” for a bit = I know I have.
Oaknash,
Lefties and Beeboids can only ever talk shit about the economy , markets, business, finance etc. because they know absolutely sweet FA about any of these things . Totally ignorant. That is why they always get it wrong !
Noticing how the BBC are starting to refer to the Huffington Post for comment more and more often now, (together with the Independent and the Guardian), I assume, for balance they will also start to engage with Breitbart.
Looking forward to next months Purchasing Managers Index (Sentiment Survey), which I am sure will be up so don’t expect to hear about it on the BBC, it will go off the radar like the FTSE250 which played a brief cameo role until it failed to fit their narrative.
ThomasR,
I almost fell off my chair when the BBC suddenly started to refer to the 250. I didn’t even know that they knew it existed. Then the penny dropped and now the BBC have dropped the 250. Beeboids are really the pits !
When they stopped using the FTSE 100 because it refused to go into freefall as the bBBC directed and moved to using the FTSE 250 the bBBC had somebody to explain that the 100 represented large multinational companies and not British Companies. But weren’t the multinational companies precisely the ones the bBBC kept insisting would flee Britain like it had the plague if we voted for Brexit?
As the bBBC dominoes of Post Brexit Doom steadfastly refuse to fall over as demanded they frantically search round for ever more remote organisations to find one, any one, for which a claim of forthcoming disaster can be invented in their ever more futile attempts to back up their post-Brexit doom mongering. Their behaviour gets more and more pathetic with every day that passes.
HuffPo on twitter is hilarious. Every comment is ripping the p*ss.
Then the penny dropped…
I thought it was the pound!
JimS,
LOL ! It seems that the pound has been stabilising in the last few days. All we need now is for it to start strenghthening and Beeboids will be wearing black ties.
BBC Radio 5 Totalshit appears to be basing its morning programme around Brexit-enforced job losses and branch closures at Lloyds, which are actually part of a schedule announced by the bank nearly two years ago!
Nearly every BBC tweet has the prefix ‘Due to Brexit…’ if the ‘news’ they have learned by being sent it by PR chums is negative to the UK economy.
Just longing for the headline.
Due to coverage of Brexit pre and post June 23rd the government is reopening the charter discussions!
Due to Brexit’s effect on the economy, the Government has announced it is slashing the licence fee, to aid hard working families in the UK
Well, I can always dream
Radio Devon the same this morning – ‘Lloyds is bracing itself for a cut in interest rates following Britain’s decision to quit the EU.
As opposed to –
http://www.breitbart.com/london/2016/07/28/lloyds-bank-admits-cuts-nothing-brexit-doubles-profits-uk-booms/
https://twitter.com/skiplicker/status/758388918152794112
Driving in this morning, listening to Today, 06.23 the antipodean finance/business/economy chap was interviewing someone from Clydesdale bank and ,after a couple of chummy questions, here we go, the loaded (“let me give you the required answer”) brexit question…………………. every ruddy morning !!!!
Anyway, I note that this Friday’s “Sentiment Survey” based negativity is based on a survey by the Engineering Employers Federation of 400 members and guess what, it fits the BBC narrative, who knew ? As a member of the EEF for over 44 years I wished they had asked me.
RICS are just the same. Troughers with a vested interest in concreting over Britain, they were staunch Europhiles pre Brexit vote. Now they are trying to talk down the economy – although estate agents I speak to are surprised how busy they are. When Diana died their shops were empty for a fortnight.
Fol,
My professional body, ICAEW ( Chartered Accountants ), just the same. They never reflect the views of the grass roots members.
I am selling a property in Edinburgh. Before the Referendum , my Estate Agent was worried about what would happen to property prices , if we voted Leave. A few days ago I asked her ” How is business ? “. She said that Brexit had made no difference .