ALEX BRUMMER: the British economy defies the Brexit gloom

No matter how hard the no-tellers may try, it is difficult to eliminate the economy.

As the year progressed and the uncertainty of Brexit was intensified, production fell and rose by 0.6 percent in the three months to September, boosted by robust household spending, construction recovery and improving trading performance.

The chancellor Philip Hammond rightly came out of the snares to declare that the figures show the underlying strength of an economy with 3.3 million more people at work and wages are rising at the fastest pace in a decade.

Forces that want to trivialize optimism will indicate that early data for the last quarter seem less impressive. The long hot summer and the bounce of the World Cup are a distant memory.

British production rose by 0.6 percent in the three months to September, driven by robust household spending, construction recovery and improving trade performance

British production rose by 0.6 percent in the three months to September, driven by robust household spending, construction recovery and improving trade performance

But there is a conviction among predictors that every form of Brexit eventually comes to the fore, it will produce wild production.

That is certainly the image in Brussels, which Britain has downgraded to the bottom of the output tables by 2020.

Looking ahead ignores the fact that despite sobriety, Britain performed much better than a large part of the continent in the post-crisis period – and the EU has good political reasons to downplay British prospects.

As half filled glasses, I consider one of the most interesting data bits as the 1.2 percent drop in business investment between the second and third quarter.

The moment the engine manufacturers complain loudly and company groups such as the CBI warn of Brexit risks, this is not surprising.

But it also suggests that if there is a decent Brexit outcome, then accumulated investments in buildings, installations and technology will be released and there can be rapid growth.

Production must also be stimulated by a looser fiscal policy. The main feature of the budget of October 29 was Hammond's decision to issue a substantial undershoot in government loans instead of using it as a further down payment for debt reduction.

Hammond's tone was ruthlessly cheerful with the root of more to be included in the spring's spending review, provided there is a reasonable result from EU talks.

It has been so long since the UK has resorted to a Keynesian impulse to support output through a fiscal policy. But the time is ripe to increase government investment.

Call down

Vodafone's chief executive Nick Read has not shared the best hand by predecessor Vittorio Colao.

The last chief executive achieved a good price when he sold the minority stake in Verizon Wireless.

But by giving back so much money to investors he left the mobile champion of Great Britain in a bad place.

The shares have been refueled and offer an exceptional and unsustainable return of 9 percent. Debt levels have risen to £ 46 billion which is being greatly emphasized.

After paying a top dollar for the assets of Liberty Global in Germany, Romania, the Czech Republic and Hungary, Vodafone is under pressure to sell assets to pay debts.

One of the suggestions is that it will discharge non-European assets, including Australia and India, and end its global ambition after it has left Japan (a mistake) and the US already (arguably).

A focus on Europe may be less attractive for management, but it is not without challenge. Vodafone is facing serious price competition in Italy and Spain.

In Germany, in the heart of the European ambition after Freedom, there is a new beast to worry about.

Sky's new owner, Brian Roberts of Comcast, sees Germany as a major growth opportunity for pay-TV, broadband and more.

In addition to Sky technology, it also has rich creative content, including Universal studios and NBC, and has integrated the Netflix into the Sky Q box.

Liberty & # 39; s John Malone may have seen part of this coming when he let go of control.

Reducing the dividends and lowering costs can provide the necessary means to plow. But it is hardly an uplifting prospect for a digital champion.

Eastern joy

Jeff Bezos is a big bitch. After setting up a beauty contest between North American cities for a second $ 5 billion Amazon campus and the 50,000 jobs that go with it, he seems to have ignored the rundown of centers like Chicago and Toronto.

He has decided to split the loot between Washington DC and New York. Crystal City south of the Potomac, the location of the debriefing of Monica Lewinsky, gets the capital.

The New York arm seems to be on its way to Long Island City, an old industrial, now gentrified Queens neighborhood.

Who would have thought.

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