So, only 7.7% growth in China and the markets come over all faint. Our two posh boys would give their right arms - well, Dave would give Georgie's and Georgie would give Dave's, they're politicians after all - for a growth rate half that size, in fact, a quarter would have them 'high fiving' - er, presumably with their left hands! I realize I am repeating myself but the new Chinese government has an enormously tricky route to steer as it attempts to rebalance their economy without hurting their people who are notoriously fractious, especially so in this age of instant communications. The Chinese population no longer has hopes - today it has expectations!
At last the price of oil is beginning to reflect reality. It is one of those commodities perpetually warped by some seriously big market manipulators who, amongst other things, will keep giant tankers on the high seas for as long as it takes for the price to be right, that's 'right' from their point of view, of course. However, there is one irreducible factor which cannot be ignored and that is oil and gas fracking. As I mentioned a few days ago, America is already out-producing Saudi Arabia and their requirement for imported oil is dropping rapidly. If Chinese growth is easing off, too, that is going to leave the middle east oil producers sitting on oil no-one wants. Hitherto they have kept their populations happy with handouts from oil revenues but if that is curtailed sundry kings and princes could find themselves as popular as a pork sausage in a mosque!
As for 'this septic Isle', I still fail to see any signs of real austerity. There may not be the runaway growth of yesteryear but we all know where that led so it's not much of a loss. However, the big millstone hanging round the neck of this government is their own internal energy policy. Perhaps the only good thing to arise from the 'global freezing' we have just endured is that voters all over the land will be staggereed at the size of their heating bills. Their anger might just be enough to strengthen the hands of the few realists in the government to dump all the ridiculous carbon measures and windmills into the North Sea and get on with fracking and building nuclear power stations.
