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May’s election call was well-timed: the economy will soon run out of gas

“The household savings rate has already slumped, consumer credit and instalment debt are rising, employment levels look maxed out, and real incomes are flat or falling”

By George Magnus  

Prime Minister Theresa May ©Leon Neal/PA Wire/PA Images

In announcing the June General Election, the Prime Minister assured the nation that the economy is in good shape and in good hands. She cited in particular growth that was coming in above expectations, and high consumer confidence. The March retail sales data published last Friday will not make much of a dent in the government’s election narrative, but they do warn, from an economic perspective, that Theresa May has probably timed this election to perfection. Things can only get worse.

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