GBPUSD News by Allie Longford on 05:44 July 26, 2017 EST
The latest GDP figures released on Wednesday by the ONS indicate the UK remains unable to grow in a significant manner.
Indeed the expectations were low at 0.3% for the second quarter and that is precisely the number delivered by the ONS on its latest report while revising even lower the GDP for the first quarter to a mere 0.2%.
The UK continues to struggle to sustain growth amid Brexit uncertainties a failing Prime Minister, a bad Thatcher wannabe, able to shoot herself on the foot at every step of the way, a collapsing pound close to historic lows and the consequences of the policies of the Bank of England that have managed to prop up bubbles in the stock market and the consumer credit sector. The burst of both these bubbles is now an unavoidable accident waiting to happen.
Overseas, Britain is now perceived as a no go area, riddle with social issues, radical islamic terrorism happening far too often in the capital whose major defines the situation as "part and parcel of living in London". The political front is filth of uncertainties due to the complex Brexit procedure and a faulty leadership while the opposition is led by a Marxist. The pound is hovering multi decade lows and it could still break below the bottom. The government has made small and medium size businesses a target lowering allowances in dividends and increasing taxes in the buy to let real estate market.
The only silver lining in the UK economy comes from the job market holding a historic low in unemployment partially because of the wave of newly created precarious, minimum wage, part time, self employment jobs from unsustainable money losing corporations of the likes of Uber and Deliveroo that can carry on trading only in an environment of ultra low rates and continues money pumping by the governments of the major economies of the world. But then again, this is only bound to come to an end in due course.