A summer of crappy weather (3rd in a row, at least) usually has a detrimental effect on the economy. In any other given year Gideon Osborne would be expecting to be culled in a cabinet reshuffle when parliament reconvenes in September.
Luckily for him (and sadly for the rest of us), the staycations that many of us have had to endure due to falling real terms income for the 2nd year in a row, and a duff exchange rates will mean that he will probably keep his job.
Add to this the injection of foreign money as many have come to watch the Olympics and Gidders will be able to sleep less fitfully for a few nights.
‘Ah but’ I hear you say, ‘What about the poor retailers that are being squeezed by the Olympics impact on their business?’ A fair point but this will just blunt the edge of the super olympic bump.
Why a super Olympic bump? Because #teamGB have done superbly well. There is a correlation between England doing well in the world cup and the optimism experienced on the FTSE100, I expect this super performance for #teamGB to have a wider positive impact.
We are having the mother of all ‘Bread and Circuses’ periods, as we need to be distracted from a double dip recession, weak government, U turns, Global financial turbulence and corruption oozing out of the very institutions we have relied on for years.
Distraction, the key to government survival in times like these. Just as in football Half-time (Recess) has come at the right time for the coalition. Weeks of patriotic goodwill will create a feeling of general wellbeing for many and this will change the mood music that was beginning to sound like the funeral march for Dave & Nick.
So, in September, a reinvigorated coalition will come back from their hols and tell us all will be well and Nick will tolerate the lack of Lords reform and dress it up as some sort of Libdem victory. Increasingly he is being seen as the emperor with no clothes. Taken a gamble on a deal with a heartless Bitch that is the Conservative Party, and the resulting busted flush has left the Libdems in real trouble.
The figures for the July quarter will be interesting reading but the growth will be seen as a recovery in progress. Sadly it is a little happy blip in an otherwise bleak economic period for our unbalanced economy. I know that we won’t fall for the spin this time.
The pre Olympic negativity of the SNP will be forgotten as #scolympians are feted and paraded through the dreich streets of Edinburgh and invited (like Rupert Murdoch) for a Tunnocks tea-cake with the FM. A Damascene conversion to a pose of I love #teamGB although he’ll never utter the words. The Unionist bump in the polls will leave Herr Salmond in a sweat for a while. The ‘why we love to be British’ will be trumpeted long and loud as an antidote to the separatist agenda.
Amazing how many uses sporting events can be put to.
So many reasons to be cheerful for having the olympics, pity it’s not just about how much fun we had watching.
(oh yeah, and well done to Kevin the teenager for a great win in the Tennis singles v Roger Federer.)