Jan 30, 2015
London Business School Economist Says Deficit-Handling is Not a Good Story
The latest GDP figures show that in 2014, the economy grew at its fastest pace since 2007. It ran out of steam, however, in the final quarter; according to a London Business School economist, we have ended up with a deficit which Labour had predicted and that the then Opposition had called ‘a recipe for financial market disaster’.
Richard Portes, Professor of Economics at London Business School and President of the Centre for Economic Policy Research (CEPR), told the Today programme earlier today: “The operation has been successful, but the patient almost died. The percentage of people unemployed is still well below the pre-crisis rate and real wages are 6% below their pre-crisis peak.”
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