The slowest recovery

Posted on

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:

aug15_slowest-660x420

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.