A new kind of normal

Is it over? David Smith, writing in The Sunday Times, thinks it is. The last quarterly rise in GDP has taken us “within a whisker” of our pre-crisis peak, something that suggests we are “waking from the nightmare Britain entered seven years ago”.

Consumer confidence is high. Strong rises in employment are evident. And real pay is rising: in the last three months we have the numbers for, private sector pay rose by 2%. That’s a little more than inflation.

This is all true. Indeed, anyone who came to the MoneyWeek Conference last week will know that we think today’s GDP might [...]

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