My friend Geoff Tily, who is chief economist at the TUC, did some number crunching on the state of the recovery that was published yesterday. In a nutshell, the data on the rate of recovery from a financial downturn in the UK is as follows:
As Geoff noted, Prof Simon Wren Lewis of Oxford University said of this:
Anyone who continues to describe what is happening in the UK as a ‘strong recovery' either has not bothered to look at the data, or is being deliberately deceptive.
Quite so. There's not much to add to that.
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