Thread by @ChrisGiles_

Quick thread on a question I often ask when reading lobby group reports

DO THEY THINK WE'RE STUPID?

This relates to @TheCityUK report on recapitalisation. My column was on its central theme, but this thread will examine its evidence on levelling up
ft.com/content/062817…

1/

@TheCityUK In their report, thecityuk.com/assets/2020/Re…, they include this chart as evidence that bad Covid debts will hit areas outside London the hardest.

2/

@TheCityUK This is the sole evidence they use and by my count, they repeat it 8 times in the report.

It seems to convince them that areas outside the capital are most at risk and this will hinder levelling up

3/

@TheCityUK DO THEY THINK WE'RE STUPID?

4/

@TheCityUK The problem is that a 28% share for London is disproportionately high...

....not low

So it is London's economy that is most at risk on the evidence they present

5/

@TheCityUK Look, here is the share of potential bad debt per head of population

(numbers above 0, show disproportionately high risk, numbers below 0 show areas of lower vulnerability per head)

London's most vulnerable with Wales and the North East most secure

6/

@TheCityUK OK, so population might be the wrong denominator and you might want to choose the prportion of potential bad loans compared with the size of the regional economies.

Still - It's the South East and London at the riskiest end

7/

@TheCityUK Officials know this stuff, many politicians do too.

So I ask again....

DO THEY THINK WE'RE STUPID?

ENDS