Encouraging figures out this week on reposessions and unemployment. Although both are up - inevitably given the global downturn - they are significantly lower than in both the 1980s and 1990s recessions thanks to the actions taken by the Government. This is all the more noteworthy given that the contraction in the economy has actually been greater.
Repossessions are only running at about a third of their level in the Tory recessions and unemployment is lower here than Germany, France, America and most other leading countries. Odd then for the CBI to be appearing to suggest in today’s FT that they would like to see the support for the economy withdrawn more quickly than our current commitment to halving the deficit over 4 years. I can’t think that the CBI leadership is really speaking for most of British industry in taking such risk with the recovery.