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Comment on UK businesses still ‘reluctant to invest’ over Brexit and interest rates

Syldon@feddit.uk ⁨11⁩ ⁨months⁩ ago

PMI is a comparison to YOUR previous month.. When your data point is your own economy then that has no relation to anyone else’s. The EU is in contraction because of the massive upheaval that has taken place in recent years. The EU was massively weakened by Brexit, and compounded with a pandemic. This was further exacerbated by the energy supply disruption, which in turn affect mainland EU countries more than the UK.

You are using one short term internal data point to prove an argument for something that happened in 2020 across many countries. It shows nothing but your ignorance on the subject.

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bernieecclestoned@sh.itjust.works ⁨11⁩ ⁨months⁩ ago
Are you really this dense? Plus 50 is expansionary, below contractionary. It’s a prediction of economic activity. Can you seriously not see a reason why this data would be factored into investment decisions?

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- Syldon@feddit.uk ⁨11⁩ ⁨months⁩ ago
  It is based on the previous month. You can have 20 months at +50 and then contract. You are using a single stat from one month to justify something that happened 3 years ago. Typical Brexiteer gaslighting. Latching onto individual stats and bellowing the “see, see, see!”. It is a fact people are much worse off since Brexit. Trying to say we are doing better than France or Germany is just ludicrous and very weak.
  
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  - bernieecclestoned@sh.itjust.works ⁨11⁩ ⁨months⁩ ago
    No shit, it’s called a trend. I think you’re just being obtuse or a troll
    
    Whatever. How about looking at all the stories of when the UK was assumed to be the worst performer in the G7.
    
    Now it isn’t, so all that was wrong.
    
    I don’t expect you to get this, and I’m bored
    
    Cya
    
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    Syldon@feddit.uk ⁨11⁩ ⁨months⁩ ago
    You don’t get a trend based on data point over 30 days to justify a 3 year period.
    
    As for GDP which is an accepted way to give an indication on the economy.
    
    In a tweet following the publication of new gross domestic product (GDP) figures by the Office for National Statistics (ONS), the Conservative Party claimed: “The UK economy recorded the fastest growth in the G7” in 2022.
    
    This claim was also made by chancellor Jeremy Hunt, who tweeted: “The fact the UK was the fastest growing economy in the G7 last year - as well as avoiding recession - shows our economy is more resilient than many feared.”
    
    GDP measures the value of goods and services produced in a country, with GDP growth a key measure of the strength of a country’s economy.
    
    It is true that, when comparing annual GDP in 2022 with 2021, the UK economy grew by 4%—the fastest rate in the G7.
    
    However, as others have pointed out, when making this comparison it’s worth bearing in mind that in 2021 the economy was still impacted by the Covid-19 pandemic so comparisons with this period are not necessarily the most useful way of assessing recent economic growth.
    
    Looking at other periods not impacted by the pandemic, the UK’s growth does not compare as favourably to other G7 countries.
    
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