Real per capita incomes in the UK have risen by 1.9% on average each year since Elizabeth II came to the throne in 1952. But the monarchical bragging rights go to Harald V in Norway, under whom GDP per capita there has surged by 3.8% on average each year since he acceded to the throne in 1991. Soberingly, each of Harald’s royal subjects now enjoys an income about double that of those under Queen Elizabeth II. The London office will be closed for the Jubilee celebrations on Thursday and Friday this week. We expect the release of Swiss inflation data for May in our absence to show that the core and headline rates edged higher, and data from Norway next week to show that core inflation rose to just shy of 3%.
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