A graph charting instances of house prices being discussed at dinner parties across Northern Ireland would show a very large spike around 2007 followed by a deep trough in the years after the boom rediscovered gravity. Indeed, the subject became almost taboo as the downturn unfolded.
Two deficits of two very different kinds hit the headlines over the last two weeks, the budget deficit and the current account deficit. The former is shrinking slower than was planned, the latter is widening. Together they imply that the UK is increasingly reliant on foreigners to fund our standard of living. Maintaining the outside world’s confidence is therefore crucial for the stability of the UK economy. Continue reading