Extracts from an article written by Simon French, Columnist at The Times.
“‘The only function of economic forecasting is to make astrology look respectable.’ These were the words of Ezra Solomon, the American economist, during the 1980s as policymakers grappled with the impact of high inflation. Over the past 30 years spiralling prices may have been largely tamed, but the quote remains prescient. Predicting the future of entire economies is an inexact science. Indeed, economic forecasting is perhaps better seen as an art, where the true value lies in the interpretation.”
“[...] the government has begun to flex its own spending muscle, accelerating the pipeline of new public sector projects. Data from Tussell, a company that tracks such contracts, indicated that there were 2,043 tenders issued in April with an aggregate value of £45 billion. This is the highest monthly tender value since the start of 2014.”
Read the full article on The Times’ website.