GDP figures: From bad to…?

Oh dear! The Government insists the GDP figures owe a huge amount to the bad weather and the ONS (Office for National Statistics) had quantified that at about 0.5 per cent (the value of the contraction).

But the economists (yes, I know they got it wrong this time) seem to expect the 1st quarter of 2011 to be worse than the last quarter of 2010, mainly because of inflation.

Business and consumer confidence is bound to be hit by all this. Markit’s survey suggested half the population still thinks we are in recession.

For good measure, in case you weren’t nervous enough, the ONS has thrown RBS and Lloyds’ debt into the national debt figure (making it £1.3trillion).

I thought the same question for both Vince Cable and Ed Balls might apply: “Does this prove you were right all the time you were criticising George/Alistair (delete as applicable)?”