ENM: Bank of England will now have to tackle overheated GBP
Mark Deans at MoneyCorp predicted the outcome of today's GDP figures through the deployment of some fantastic mathematics (only problem is growth came in at 1pct not 0.8 pct. Oh well, still good reading though:
"There was a row in parliament yesterday after the prime minister leaked the figures for third quarter UK gross domestic product (GDP). With 24 hours' prior notice of the numbers, which will be announced officially this morning, it is alleged that he betrayed his privileged access by telling MPs that "Britain's economy grew by 0.8% in Q3".
Well, actually he didn't quite say that.
"What he in fact said, after pointing out last week's lower inflation and unemployment data, was that "the good news is going to keep coming". But it's obvious isn't it? Any fool can see that "good news" has eight letters so today's figure must be 0.8%. And if you multiply the 30 characters in the sentence by its 7 words and by the 2.5 lunar years since quarterly growth was last 0.8% then divide the product by the number of MPs, 646, you get 0.8. This can hardly be a coincidence."