Gordon can't force march limping economy

Gordon Brown claims to be 'securing Britain's economic recovery'. But that's going to be an uphill struggle.

Gordon Brown made his crucial speech to the Labour Party conference standing in front of the words 'Securing Britain's economic recovery'. But the latest batch of data shows what an uphill struggle that will be. In August, house prices edged down for the first time since April, according to the Land Registry, while mortgage approvals also slid.

It seems the Bank of England's quantitative easing (QE) policy is not gaining traction, according to its preferred measure of money supply growth. Households repaid unsecured debt for the second month running in August, while the household saving rate has hit a six-year high of 5.6% of income. Meanwhile, the government announced a £100m extension to the car scrappage scheme.

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