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The trouble with “Wonkspeak”

Labour need to argue that there is a difference between "GDP" and "the economy"

By Jay Elwes  

So the GDP figures are out and they show what Labour must have been dreading—that the British economy is growing. Slowly, and somewhat feebly, but it is growing nonetheless. According to the Office for National Statistics, growth was up by 0.6 per cent in the second quarter of this year, and with that, the Tory summer cake received its cherry on the top.

However, as wise heads indicate, outright celebration would be premature and in an important piece in today’s Financial Times, Richard Lambert explains why in present circumstances, GDP should not be taken as the ultimate barometer of economic progress. It is…

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