BBC News 8th October 2013

During this news broadcast there was an important item about a change of economic forecast by the IMF. It was brilliantly done and might as well have been mumbo- jumbo. The assumptions they made were simply unsustainable.
(1) Viewers knew the size of the UK economy
(2) Viewers knew the size of the error by the IMF (in just six months!)
(3) Viewers knew the economic significance of the error
(4) Viewers knew the political significance of error

Answers to the above-
(1) The UK economy is £1.3 trillion
(2) The error- 0.9% to 1.4% equals 55%
(3) The error equals £65 billion- the difference between £117 bn and £182bn
(4) The error equals authenticating Osborne’s economic strategy.

Hidden economic data not revealed by the BBC
(1) Trend growth i.e. historic ‘normal’ growth is 2.2%
(2) The shortfall between Osborne’s economy and ‘normal’ is 0.8%
(3) This is equal to £104bn in the current year
(4) This repudiates Osborne’s economic strategy

Economic stories on the BBC and elsewhere are difficult to present but they ought not be deceptive via the sins of omission.


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