As Britain moves into election mode, the Clinton catchphrase–”it’s the economy, stupid”–is back in vogue. Both major parties are claiming that they have the key to best managing the recovery.
An interim report from the rich countries club in Paris, the Organisation for Economic Cooperation and Development (OECD) today gave some solace to beleagured Labour by suggesting that the UK will avoid a double-dip recession. It said British GDP grew by 2 % in Q1 and will grow by an annualized 3.1% in Q2. This means Britain is second only to Canada in growth among the industrialized countries in the OECD.
The OECD numbers are being greeted with joy by Premier Gordon Brown and Chancellor Alistair Darling who will make hay with the good output outlook.
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