Friday 24 November 2017

Skewed growth figures require pinch of salt

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
Editorial

Editorial

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.

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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