Monday, 3 August 2009

Credit where credit's due?

Yesterday manufacturing output was up, order book strength saw its biggest increase in 13 years and the pound gained strength against the Euro. The FTSE surged to a 10 month high. House prices rose for the third consecutive month. This recession, once alleged to be the deepest for 60 years will apparently be over, for the UK at least, within three months.

The reason? According to the Wall Street Journal "the prompt fiscal stimulus package and bank recapitalisation scheme in the UK helped the economy speed ahead in the race towards recovery. This swift decision-making and timely action has been lacking in the Eurozone which will lag significantly behind."

Did we just get a really big, global thing right?