Making do with less

摘要

The Murdoch scandal has pushed bad economic news off Britain's front pages. But perhaps not for long. On July 26th the Office for National Statistics will release its first estimate of gdp growth in the second quarter of 2011. The figure is likely to be grim, showing an economy that grew barely, if at all. After two previous, consecutive disappointing quarters, that will raise questions about the wisdom of slashing public spending when demand is weak. For some economists it will also suggest a slump in supply-ie, in the underlying capacity of the economy.