Description

Today I look at the 20.4% qoq fall in the UK's 2Q GDP.  I identify three issues:

First, the relatively lacklustre rebound in services activity in June 2020;

Second, the degree to which the UK's world-losing performance reflects the highest degree of lockdown stringency in Europe;

Third, the surprisingly positive impact on Kalecki profits.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit mtaylor.substack.com/subscribe