No growth, and don't hold your breath

The GDP figures showed a disappointing fall by 0.2%. Of course there will be the usual calls for stimulus measures such as tax cuts, more public jobs, temporary job creation schemes.

It will all be for nought. There will be no recovery until the Eurozone crisis is sorted out. Companies have cash to invest, but no confidence. All measures to try to give a boost will be throwing money away until confidence returns. Confidence will not return until the Eurozone crisis is resolved.

Our growth completely and utterly depends upon Angela Merkel and the other Eurozone leaders coming up with a plan that the market believes. When the market believes it, confidence will return and hey presto, our growth will start to spurt.

Squiffy.