David Cameron and George Osborne both appear to think that meeting other politicians somehow creates international trade. The fact is that politicians have very little influence on commerce and none at all on corporate trade-related decision-making.
The three months to September 2015 saw British exporters experience the weakest growth in orders since the second quarter of 2009 when the country was in the grip of recession.
Admittedly, manufacturing represents only about 10% of GDP but nevertheless it is worrying to see the UK’s export drive going into reverse at exactly the time when the government is dispensing such positive economic mood-music.
Yes, we understand that the UK economy is in better shape than most other European countries but then again, in the land of the blind, the one-eyed man IS king!
Our overall economic growth has slowed to 0.5% per quarter but it is most likely that almost all of that growth is as a result of domestic demand – which is certainly not particularly encouraging within the global economy.
A Markit survey published yesterday shows that in spite of the rhetoric, the construction sector also slowed in October.