Summer Olympics Won't Save U.K. Economy
The fact that the Queens Diamond Jubilee was a one time event that will be reversed will be positive for the third quarter number. But what about the soon upcoming Summer Olympics that will be held in London?
Well, that too will provide support as it will increase the number of tourists in the London area and also enable for example hotels and hostels to charge higher prices. However while the Olympics and the reversal of the Queens Diamond Jubilee might provide enough support to push third quarter growth above zero they won't end the underlying decline especially as exports are hit by the reduction in demand from the debt crisis and by the overvalued pound.