WORLD ECONOMY: Yes, it’s good news in a bad sort of way

crashcartfinal2America’s economy grew strongly in the fourth quarter as gdp increased at the annual equivalent of 3.2pc.

But it was a slowdowning sort of strong growth compared to the third quarter. And it was largely down to consumer spending. The quarter having contained Christmas. Yes, lots and lots of lovely cheap imports for everyone to buy. That’ll be the deficit sorted, then.

However, the Ben ‘n’ Yellen Show just tapered off another $10bn, and still things are OK, the sky hasn’t fallen in.

Well, it hasn’t in America or anything, but in Russia the rouble fell to a record low against other currencies, despite its central bank piling in with support. And Turkey’s lira is looking somewhat pale and wan. As is South Africa’s Rand. So globalism’s perfect fit is once more coming into play, Levitt be praised.

Nevertheless, the news is getting better and better in blighty: we are in the middle of a house-building boom.

Um, that is we built 133,670 of them last year, and Help-to-Buy sales have ‘soared’ to 13,000. So only 90% more to sell, and then the demand/supply thing will be cracked…just in time to move another 27,000 jobs offshore, and build some more houses. Less land to grow food means bigger deficits. It’s all going so well.

Except at RBS, where they lost another eight billion quid.

Still, nihil desperandum: a subterranean farm is taking root 100 feet beneath the Northern line, and its produce of herbs, shoots and mini vegetables has already been described as “delicious” by Michelin-starred chef Michel Roux Jr. And what’s more, job boosts in motor manufacturing are proving ‘a vital cog in the economic recovery’ says the Mail. Car manufacturing delivers £12billion in net value to the British economy.

Except of course, that we don’t actually own any of it, as such. And there’s a shortage of skilled workers in the automotive sector.

Quick, more immigration – and fast.

Yesterday at The Slog: This way to the cliff