Thursday 19 January 2017

Skewed growth figures require pinch of salt

Published 13/07/2016 | 02:30

The economist Paul Krugman explains the eye-watering growth rate as being due to the billions in multinational assets transferred here because of our low tax rates. Photo by Neilson Barnard/Getty Images
The economist Paul Krugman explains the eye-watering growth rate as being due to the billions in multinational assets transferred here because of our low tax rates. Photo by Neilson Barnard/Getty Images

The good news is that growth has reached 26pc. The bad news is that this was achieved by dint of "leprechaun economics". The economist Paul Krugman explains the eye-watering growth rate as being due to the billions in multinational assets transferred here because of our low tax rates.

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The point being that if it all looks too good to be true a second appraisal might be advisable.

Exports that never actually hit our soil can show up on our balance sheet.

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