James Moore: ONS may be gloomy but Bank still has to be ready
Outlook The paucity of credit no doubt played a part in yesterday's dreadful figures on UK manufacturing output. If you can't get financing for your factory, you can't make things.
But what was particularly shocking about the numbers was they were so badly at odds with what a wealth of private surveys have been saying. Who to believe? There is a natural tendency to criticise the ONS when it is out of step with others and there was some of that around yesterday.
The ONS is not an oracle and it does sometimes get things wrong. We may yet see the figures revised upwards. the conflicting surveys are more forward looking.
All the same, it is quite clear that Britain's economy remains on the critical list. The Bank of England is staying its hand for now, to no one's surprise. But it may take more than the measures announced in George Osborne's "Budget for growth" to get things going and the Bank has rather been told that it is the only game in town should that be the case.
- 1 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 It's not just the savagery of Isis that is shocking – its weaponry is too
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
Joan Rivers: 'Palestinians deserve to be dead'
Sir Paul McCartney makes his stance on Scottish independence known
PM sets out tough new anti-terror measures in response to heightened threat
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
iJobs Money & Business
Highly Attractive Salary: Austen Lloyd: BRISTOL - This is a very unusual law c...
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...