The BBC hiding any good economic news

Manufacturing order books were close to a 30 year high in the three months to December, according to the latest monthly CBI Industrial Trends Survey.

In detail:

• 28% of manufacturers reported total order books to be above normal, at the +17% level last seen in August 1988
• 28% of firms said their export order books were above normal, at +16% which is well above the long-run average of -18%
• 42% of businesses said the volume of output over the past three months was up and 11% said it was down, giving a rounded balance of +30% above the long-run average of +4%
• 29% of companies expect average selling prices to increase in the coming three months, with 6% predicting a decline, giving a balance of +23%

In addition the CBI’s Employment Trends Survey of 299 firms employing around 1 million people found that 51% of firms across the UK will grow their workforce in the year ahead, with confidence highest amongst small and mid-sized firms (58%). The majority (52%) of firms aim to raise pay for their employees in line with or above inflation in the coming year.


So I looked on the BBC website for their coverage of this news. Nothing on the BBC news home page, nothing  on their business news home page

So I searched the BBC site for CBI Industrial Trends:

The top three pages returned aren't the most recent but rather they are the most negative pages returned. There are some positive returns but you have to page down for them. There is no page returned by the search for the current report, the latest being from April 2017.

Could the BBC really be trying to minimise coverage of good economic news, despite Brexit?

Or might it be that the BBC's search facility is just crap?

Europe's largest stock markets

The BBC are headlining the falls in the UK FTSE but what strikes me from this recent snapshot is that:

1. the DAX is down more than the FTSE 100 and the All Share
2. the CAC 40 is down more than all the FTSE indexes/indices
3. The Bel 20 is down more than all bar the FTSE 250
4. the IBEX is down more than an of the FTSE indexes/indices

Maybe the EU stock markets are reflecting not only their inherent weakness but also that the remaining EU countries will have to pay more to make up for the loss of the UK's subscriptions.

The EU says the Single Market adds 2% to GDP, so how could leaving it cost 6%?

'To summarise: the European Commission says being in the Single Market adds 2% to GDP. If we were outside, we could do additional trade deals with the rest of the world, beyond the three significant countries with which the EU currently has deals: Mexico, South Africa and Korea. 

The European Commission's own analysis suggests that just seven of those deals would be worth 2% of GDP, and the three the UK would be most likely to get that the EU would not would be worth 1% of GDP. And all of that is before one even touches upon other gains from being outside the EU, such as allowing the EU to work better and grow faster, improving UK regulation and repatriating the UK's net contribution.

Since the Single Market adds 2% to GDP and leaving it would allow us to pursue trade deals worth more than 1% of GDP and perhaps much more, how can the Treasury seriously expect anyone to believe leaving the Single Market will cost 6% of GDP?'

More here http://www.andrewlilico.com/2016/06/06/the-eu-says-the-single-market-adds-2-to-gdp-so-how-could-leaving-it-cost-6/ but not on the institutionally pro EU BBC.

How could the UK cope outside of the EU?

How could the UK cope outside of the EU is a question sometimes posed by supporters of the REMAIN campaign. 

It's a good question, after all:

The UK is the world's 5th largest economy

The UK is a permanent member of the United Nations Security Council

The UK is a member of the G7

The UK is a founder member of NATO and one of the biggest contributors to NATO

The UK is a member of the the Commonwealth of Nations

It's a mystery how the UK would cope if it left the EU.

Booming Britain to become world's fourth largest economy as France and Italy face G8 exclusion per The Telegraph

The Telegraph reports http://www.telegraph.co.uk/finance/economics/12068319/Booming-Britain-to-become-worlds-fourth-largest-economy-as-France-and-Italy-face-G8-exclusion.html that:

'Britain will reach the "giddy" heights of the fourth largest economy in the world, leapfrogging Germany and Japan over the next two decades, new analysis shows.

The UK is set to become the best performing economy in the western world over the next 15 years, boosted by its leading position in global software and IT sectors, according to a report by the Centre for Economics Business and Research.'

Oddly this is an economic report that the BBC don't see fit to mention, I wonder why... Presumably because it doesn't meet the narrative of the BBC / Labour alliance.

Really Mr Peston?

This Robert Peston analysis of Jeremy Corbyn's economic policies http://www.bbc.co.uk/news/business-33884836 contains this thought:

'Even so his opposition to this government's planned cuts to corporation and inheritance tax, and his muscular hatred of tax avoidance and evasion, are not the stuff of swivel-eyed Leninism.

There are plenty of political moderates who question why, at a time of scarce resources, it is a priority for messrs Cameron and Osborne to give tax breaks to better-off dead people.'

Is cutting inheritance tax really a tax break for dead people? Surely the only people who will pay less tax are the living.

So massive rises in house prices between now and October, do these people not think? 'Bank of England caps some home loans, toughens mortgage affordability test'

' LONDON (Reuters) - The Bank of England sought to put the brakes on Britain's surging housing market on Thursday by announcing a cap on home loans and tougher checks on whether borrowers can repay their mortgages.

The Bank's Financial Policy Committee said that from October, it would only allow 15 percent of new mortgages to be at multiples higher than 4.5 times a borrowers' income.'

More here... http://uk.mobile.reuters.com/article/idUKKBN0F10UE20140626?irpc=932

No reporting of this good economic news on the BBC, I wonder why?

A recent OECD study ahs found that quality of life in the UK has been only 'modestly affected' by the global financial crisis with happiness and even trust in the government rising, this is in marked contrast with the UK's neighbours in the Eurozone. According to the OECD whilst the recession sent unemployment rising and did put a squeeze on living standards in Britain, as elsewhere, the drop in national morale seen in other countries is just 'not visible' in the UK.

The OECD study found that the British enjoy the highest levels of income, job security, clean air and water, personal safety and democratic accountability in the OECD and some of the strongest friendship networks.

In the UK the proportion of people who said they were very satisfied with their lives overall edged upwards from 63 per cent to 64 per cent. By way of contrast in Greece, which was worst hit by the Eurocrisis, reported satisfaction with life fell by 20 per cent between 2007 and 2012. It fell by 12 per cent in Spain and 10 per cent in Italy.


Across the Eurozone the proportion of people who said that they trust their national government fell by 10 per cent in the five years to 2012. However in Britain it rose from 36 per cent to 47 per cent.

The OECD study 'How's Life' ranks Britain along with Switzerland, Australia, Scandanavia, Canada and New Zealand in the top tier with regards to the quality of life across 34 leading countries.

In their commentary to the study's findings the OECD said:

'In the OECD as a whole, the poor employment situation had a major impact on life satisfaction...

This trend is not visible in the United Kingdom where, from 2007 to 2012, the percentage of British people declaring being very satisfied with their lives increased from 63 per cent to 64 per cent.'

So there's some good news about life in Britain today, but as it doesn't conform to the Labour Party / BBC narrative you will not be surprised to learn that I can find no reference to this OECD report on the BBC.

How odd, or rather predictable.

How immigration benefits some but not the majority

Four people are going out together for the day

Each contributes £100 so the group has £400 to spend - 4 x £100 = £400

They then discover that number 4 has invited someone else to join them – number 5

Number 5 is poorer but is willing to pay £50

Number 4 tells the others that the group can now afford a better day out as it has £450 instead of £400 - (4 x £100) + (1 x £50) = £450 instead of 4 x £100

However, number 1 does the sums and works out that they now have only £90 each to spend rather than £100 - £450/5 = £90 rather than £400/4 = £100

The others think he is wrong, because if he’s right it made no sense for number 4 to invite number 5 as he will also be £10 worse off - £100-£90 = £10

Then they discover that number 4 is charging number 5 the sum of £30 for the right to join the trip

Number 5 is happy (and grateful to number 4) as overall he is still £10 better off - £90-£50-£30=£10 

Number 4 is happy as number 5 now owes him a favour/future loyalty/vote and overall he is £20 better off - £90+£30=£120 instead of £100


Numbers 1, 2 and 3 are unhappy because they are each £10 worse off (£90 instead of £100) – which is why they might just go and vote for UKIP

The BBC will call Numbers 1, 2 and 3 mean  because they won't help out number 5

If number 4 is a Conservative supporter then the BBC will call him an exploiter for charging number 5 for entering the group

If number 4 is a Labour supporter then  the BBC will call him a good person for 'lifting' number 5 out of poverty



As seen at Biased BBC but with some additions of my own.

Reasons to be cheerful

Andrew Sentance (@asentance) tweeted at 6:46 PM on Mon, Apr 14, 2014:
Which G7 economy has seen the biggest increase in living standards since 1980? The UK - by a big margin. http://t.co/mReaa8VrCl
(https://twitter.com/asentance/status/455764052929560577)

Can you hear the gritted teeth?

Poor Robert Peston is forced to admit that:

'This leads to two stupidly obvious thoughts.

First, it would be wrong to characterise the recovery as debt-fuelled.

Second, with austerity rolling relentlessly on this year, and GDP at market prices likely to keep rising faster than private sector debts, 2014 should be a year in which the overall leverage or indebtedness of the British economy falls pretty sharply.'

Poor Robert Peston, having to report some good economic news with the Conservatives in government.Never mind, I'm sure he and the Labour party will have a new line of attack shortly.

Ed Balls gets away with it again

Ed Balls was on Iain Dale's LBC Radio show this afternoon. At one point Ed Balls claimed that the last Labour government only overspent because of the financial crisis etc. etc. etc. The trouble is that as I and others have pointed out time and time again, the last Labour government started spending more than the national income in 2002. The proof is here...

I don't know if Iain Dale understands simple bar charts, but maybe he should study this one before his next cosy chat with the slippery Ed Balls. Maybe he could then challenge Ed Balls' statements rather than meekly accepting them.

How many times can you spend one lot of money?

How many times can you spend one lot of money?

If you're an ordinary taxpayer the answer is once. If you're the Labour leader or one of his team, then the answer is 10 or maybe 11 times, so far.

Guido Fawkes makes it 10 times and has the video clips to prove it...


My favourite clip is the hopeless Harriet Harman showing her mastery/mistressy of the subject. You just know if that had been a Conservative spokesman that clip would have been played over and over again, but as it's a Labour bigwig, I don't think I've ever seen it on-air as opposed to to on the web.


But BuzzFeed think it's 11....


Can we just agree that it's more than possible? Except in the world of Labour Party / BBC economics.

Oh that's priceless, who on Earth would believe that of Ed Balls?

It seems that Ed Balls has pledged Labour to balance the UK's books and do away with the budget surplus in the next Parliament if it wins the 2015 election. The Shadow chancellor Ed Balls said Labour would pass a law to ensure it adheres to "tough" and binding fiscal rules. These rules would include eliminating the deficit and reducing debt as a share of GDP between 2015 and 2020.

Doe anyone seriously believe that Ed Balls is capable of adhering to such a policy? Ed Balls, the great deficit creator. Ed Balls, the deficit denier. Ed Balls, the man who did more to destroy the British economy than anyone in the last Labour government (other than Gordon Brown) of course.

In any sane society Ed Balls' promise to balance the UK's books would be greeted with hysterical laughter and total derision. However I'm sure the BBC will treat Ed Balls' pronouncements as gospel and question him ever so gently.

When children don't understand economics

There is a pretty well understood distinction between earmings and net worth but apparently not one that the BBC's favorite lefty Owen Jones understands.

BBC News - UK's credit rating cut humiliating, Labour says

The BBC are acting as the Labour party's mouthpiece again today.

The news that Moodys has cut the UK credit rating from AAA to AA1 is headlined

Ratings cut humiliating, says Labour

and is accompanied by a long quote from Ed Balls that completely ignores Moodys analysis and reasons for cutting the UK's rating.

Contrary to the much repeated Labour/BBC line that George Osborne is cutting too fast and too deep, the credit ratings agency criticises George Osborne for the slower than expected 'pace' of 'deficit and debt-to-GDP reduction', for 'mounting debt levels' and the failure 'to reverse the debt trajectory' of the last Labour government (of which Ed Balls was a leading economic figure).

Why don't the BBC report and explain that? What reason is there other than that they actively support the Labour line?

Even more damning is the fact that Moodys threaten to downgrade Britain even further if the Chancellor shows any signs of a 'reduced political commitment to fiscal consolidation'.

The BBC and Labour, who are two sides of the same debased coin, cannot use the Moodys downgrade to attack George Osborne for cutting too fast and too deep, when Moodys warn against softening the UK's fiscal stance and prescribe more debt reduction.

The BBC's role in covering this news story exposes them once again as blatantly biased in favour of the Labour party. A strong Conservative Prime Minister would take action, unfortunately David Cameron is a liberal wimp.

Are Central Banks and Governments really solving or fixing anything?

Thanks to Theo Spark for the image.

Fiscal cliff...

Please watch this video Ed Balls. Ed Miliband, Stephanie Flanders and anyone else in the Labour/BBC cabal who believe that raising taxes is the answer to raising tax revenue

The Laffer Curve explained so even an idiot could understand it.

Now the two Eds are alledly highly intelligent men, despite much evidence to the contrary. Whilst Stephanie Flanders is supposedly a highly intelligent woman, albeit historically in two cases with terrible taste in boyfriends. So please try and grasp what is in this video. Oh and where do you think the 'hump on the Laffer curve is?

Leading members of the last Labour government regularly confused reducing 'debt' with reducing 'the deficit' but Owen Jones seems to be even more economically illiiterate

Owen Jones, in his own words, is '...a lefty currently based in Hackney; and I grew up in Sheffield, Falkirk, and above all Stockport (get in touch if you want a list of Stocky-related facts…) I’m a former flunky for unions and Labour MPs, and author of ‘Chavs: The Demonization of the Working Class’, which was published by Verso in 2011.

My ramblings have been published in the Guardian, the Independent, the New Statesman, The Sunday Mirror, Le Monde Diplomatique, Frankfurter Allgemeine, the Morning Star, the New Humanist, Liberal Conspiracy, LabourList, Left Futures, and Open Democracy. I’ve also been inflicted on the public through BBC Newsnight, BBC, Breakfast News, ITV Day Break, Sky News, BBC News, The Big Questions, Channel 4′s 10 O’Clock and various radio stations.'

Here's part of one of his latest appearances on the BBC's Daily Politics this week where he shows either a complete misunderstanding of the difference between wealth and earnings or the typical Labour spokesman's ability to be economical with facts... 'it depends actually!'

Michael Portillo looks even more amused by the interviewee than normally.

So far no mention of this latest TV appearance at Owen Jones's blog, I'm sure it's only a matter of time though!


Owen Jones has form in making stupid or misleading remarks, here's just two.


Owen Jones says he is pro-secularism, but then drifts into a condemnation of anti-Muslim sentiments, why so? I wonder if Owen Jones would agree with Ken Livingstone's support for Yusuf al-Qaradawi and other Labour figures support for Raed Salah (as I blogged yesterday), or if he would stand up for freedom?

I also note that Owen Jones has picked up a lazy rhetorical trick from Barack Obama, or is it a case of 'great minds think alike/fools seldom differ'?



Owen Jones with a Tesco 'slave-labour' claim that even John Prescott looks bemused by, although to be fair that is his normal expression.


Owen Jones a fine example of the sort of person that supports and indeed leads Labour policy.


Thanks to The Commentator via Guido Fawkes for the first video spot.