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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How are the Eurozone and G20 recovering? Put that on your graph
To the extent that it would show that austerity does not work there either it does not change the story
But it would show the UK doing significantly better than virtually every other country in those groups, no?
No it would not
This is trend data, not spot data
You are confusing the two
They have recovered much better
And of course have higher productivity and so much more too – including France
http://s120.photobucket.com/user/pragmatist1/media/gdp3_zpsd96105c5.jpg.html