Wednesday 3 July 2013

Stephanie Flanders and the wrong sort of growth

At the end of May I wrote the following -

"I've been reflecting on how the news that the British economy grew by 0.3% in the first quarter of the year will be received.

Here's a prediction.  The people who criticised George Osborne for failing to get any growth won't shut up.  Neither will the people who said there would never be any growth with his policies.  They will just start saying something else.

Yes, the Chancellor will have succeeded in stimulating growth, but of the wrong sort.  To misquote the Starship Enterprise's surgeon, Bones McCoy, it's growth Jim, but not as we know it."

It's been a wait, but at last on Radio 4's PM programme yesterday a pundit, responding to another positive set of economic figures, said, "The economy's growing, but it's the wrong sort of growth".

The pundit?  Step forward Stephanie Flanders.

In case you were wondering, she's the BBC's economics correspondent.  Who was at Oxford with (and dated both) Ed Balls and Ed Miliband.

PS A week later here is the Torygraph's Jeremy Warner jumping on the bandwagon - "Unbalanced and unsustainable - this is the wrong kind of growth", runs the headline.